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Property deed of sale agreement, payment problems

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  • Property deed of sale agreement, payment problems

    Hi, i entered a deed of sale with a landlord in South Africa, i have paid almost half the asking price for the property over the past 2 and a half years. My financial cercumstances have changed dramatically and I might not be able to continue payments. Do i loose all the money i have paid so far towards the property if i fail to pay the outstanding amount of the agreed price?? Please note i had not yet taken up occuancy of the flat so the current landlord still takes the rent from the tenants in the flat. Please help

  • #2
    Re: Property deed of sale agreement, payment problems

    I wish to inform you that you may not lose all your payments. In this regard if ownership has transferred to you then you can sell the property and pay a portion of sale price to meet your liability. If ownership is not transferred then you can seek refund of payment over and above the loss of seller. Loss of seller can be calculated by measuring the present sale value of property with the sale price in agreement. If you have defaulted in payment then there is a breach of agreement and measure for compensation is taken from the point as contract had not happened. You can seek relief under principle of equity and restitution.

    AFF

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    • #3
      Re: Property deed of sale agreement, payment problems

      Originally posted by Reproheadz View Post
      Hi, i entered a deed of sale with a landlord in South Africa, i have paid almost half the asking price for the property over the past 2 and a half years. My financial cercumstances have changed dramatically and I might not be able to continue payments. Do i loose all the money i have paid so far towards the property if i fail to pay the outstanding amount of the agreed price?? Please note i had not yet taken up occuancy of the flat so the current landlord still takes the rent from the tenants in the flat. Please help
      If you have a purchase agreement with the owner and default, yes, you will lose what you have invested. Depending upon what type of instrument was used for the purchase it can take a relatively short time without court -- or with.

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