Waiving the Bond Clause to Keep a Sale Alive: Risk Versus Reward
A “bond clause” – standard in most property sale agreements – typically provides that the whole sale depends on the buyer obtaining a mortgage bond by a specified date. If the deadline comes and goes without a bond being granted, the sale lapses and the buyer is entitled to get their deposit back. Most agreements […]
Rising damp and failed waterproofing: Sellers beware
“[w]here a seller recklessly tells a half-truth or knows the facts but does not reveal them because he or she has not bothered to consider their significance, this may also amount to fraud” … “a willful abstention from establishing the true facts does not constitute a lack of knowledge” (Extracts from the judgment below) Consider […]
If the Municipality Rejects Your Building Plans, Consider PAJA
“The Constitution guarantees that administrative action will be reasonable, lawful and procedurally fair. It also makes sure that you have the right to request reasons for administrative action that negatively affects you.” (Department of Justice and Constitutional Development) Bureaucratic decisions can and do have far-reaching consequences for us, both financially and in our personal lives. […]
Bond Clauses: Beware the Deadlines!
“I love deadlines. I love the whooshing noise they make as they go by.” (Douglas Adams) Here’s yet another reminder from our courts on the danger of not complying strictly with every provision in a property sale agreement. Don’t be like Douglas Adams and listen to the deadlines go whooshing by – missing a property […]
Building in Security Estates: The ‘Persuasive Sting’ of Penalty Levies
“… had the respondent imposed more moderate penalties, it would likely not have had the desired effect, or put differently, the same persuasive sting for individuals of substantial means.” (Extract from judgment below) Buying “plot and plan” in a residential complex allows you the freedom to build your own dream house in a secure environment, […]
Owning Property Jointly – The Rewards, The Risks, And The Remedy
“Co-ownership is the mother of disputes” (old Roman law maxim) There can be big advantages to buying property jointly but be aware of the risks and take steps to lessen them before you put pen to paper. The problem comes if there is a falling-out with your co-owner. Perhaps you come to blows on your […]
It’s Not Simple To Sell A House In Execution (Even If A Trust Owns It)
“A court shall not authorise execution against immovable property which is the primary residence of a judgment debtor unless the court having considered all relevant factors, considers that execution against such property is warranted” (High Court Rules) Selling a house in execution is not as simple as getting judgment and sending the Sheriff of the […]
The Trouble With Family Loans: A R540,000 Lesson
“How sharper than a serpent’s tooth it is to have a thankless child!” (Shakespeare) “Family helps family in times of need” – that’s been part of human culture since long before the dawn of history but be sure to observe all legal formalities. A recent High Court decision provides an excellent example of the risks […]
Landlords: Zoning law contravention could invalidate your lease
“…it is a general rule that a contract impliedly prohibited by statute is void and unenforceable…” (extract from judgment below) Here’s yet another warning from our courts of the importance of complying with your local municipal zoning laws, whether you buy property to live in, as a capital investment, or to let out. One risk […]
Don’t Accidentally Disqualify Your Chosen Heirs from Inheriting!
“Death is not the end. There remains the litigation over the estate.” (Ambrose Bierce) Your will (“Last Will and Testament”) will always be the keystone of your estate planning, and a recent High Court decision sounds yet another warning to beware the “do your own will” concept. By not having his will drawn by a […]