Buying a house can I still cancel?

[Lupus]

I had the same issue last year, moved in January only managed to get things sorted out in April. Pushed the two lawyers.

 

[RedViking]

Do the lawyers get paid more the longer they take?

 

[isie]

I am sitting with a problem.
I applied for a homeloan in July.
All was approved at the end of July. But since then the seller has been stalling everything.
First it was an issue with her FICA documents, then she had to apply for a new marriage contract which took almost a month.
On monday she informed us that she will be going in to the attourneys on Thursdat to sign the transfer documents. The atttourneys called me on Tuesday and I went to sign the documents yesterday (Wednesday). This morning she infforms us that she filled in the adress wrong and will have to go to the Municipality to see if they can correct it???????????????
I am fed up and just want this behind me. Can I still cancel the agreement? There is no time limit for the Seller in the offer to purchase but my bond approval documents state that the guarantee is only valid for 6 months.
What am I to do?

Nope. Private sale... Doesn't make sense to me either, but something to do with the municipal account statement that has the adres in Afrikaans rather than English.

That makes no sense whatsoever!


You must have signed some time frame in the OTP and your Attorney needs to make the seller aware of this - seller selects the Attorney but you paying for their services , so it's your attorney.

 

[mattrudlles]

You both already signed the OTP, so you are compelled to complete the transaction.

Your only way out of this is if both you and the seller agree to render the OTP void.

It is not the only way, and you can do so if certain conditions in the agreement fall through. It depends on what the conditions say, and the remedies thereof.

 

[mattrudlles]

This is what I am thinking as well... However there must be some way to force the seller to submit the rrequired documentation by a certain date? Or can she just drag this on for years?

You need to compel performance by placing the seller on notice. Is there a clause setting out time limits? If not, you need to place the seller in mora - obligation to carry out contractual duties - by a certain date. Go and see an attorney.

It just seems like the seller is a little scatter brained though?

 

[mattrudlles]

There's your way out right there. Misbehave until your bank cancels the loan.

And you will be held liable still, plus you will have to find a way to finance the purchase of the house yourself as the agreement may no longer be dependant on the obtainment of the loan. Again there is clear case law on this issue.

 

[Anti-Chris]

Do the lawyers get paid more the longer they take?

Nope. I have been invoiced already.

 

[envo]

OTP can be cancelled by either party, the normal consumer protection act rules apply

 

[Anti-Chris]

That makes no sense whatsoever!


You must have signed some time frame in the OTP and your Attorney needs to make the seller aware of this - seller selects the Attorney but you paying for their services , so it's your attorney.

I drafted the OTP myself and only included a timeframe for me to obtain finance... Nothing for submission of documents for registration purposes.

 

[Steamy Tom]

stop paying rent... when asked say that you planned for the transfer to have taken place by now and it has been delayed by her.

 

[qscwbt]

Buyers remorse?

 

[Anti-Chris]

stop paying rent... when asked say that you planned for the transfer to have taken place by now and it has been delayed by her.

Am also considering this, however my OTP states that I will continue to honor the current lease agreement until date of registration... So I believe if I stop paying rent I am in breach of the OTP?

 

[Lupus]

OTP can be cancelled by either party, the normal consumer protection act rules apply

CPA doesn't apply to OTPs for bonds.

 

[Anti-Chris]

Buyers remorse?

Not at all. It is an awesome house and a great investment. Just being without transport is becoming an issue... Wasn't planning on being without transport for more than 3 months...

 

[Alton Turner Blackwood]

Do the lawyers get paid more the longer they take?

No, its a fixed amount.

Oh, and in many cases it's two attorneys - as was the case with me, twice over.

One is the bond attorney appointed by the bank. They act in the interest of you and the bank. They are the ones who will be doing the payment on your behalf and you pay them to register the bond for you.

Then the conveyancing attorneys, these fsckers basically mediate between you and the seller. These are the guys who are just one massive rippoff. Everything they do, one can do yourself, but as someone said earlier, the seller appoints these guys and you just have to suck it up and pay. They do the actual transfer of the property into your name.

The latter acts strictly according to the OTP, they make sure that all conditions are met, etc. This is why I'm saying there HAS to be a date by which everything has to be finalised (bond registration and transfer). If OP does not have this date then this deal was a flop to begin with.

In fact, I don't think it would even be legal. https://www.property24.com/property101/buyers-guide/whats-in-an-offer-to-purchase/15306

Occupation date

This is the date, agreed upon by both the Buyer and the Seller, when the house will be vacated by the Seller and the Buyer takes occupation. It is essential to clarify a date in order to make moving arrangements accordingly.

 

[Alton Turner Blackwood]

Am also considering this, however my OTP states that I will continue to honor the current lease agreement until date of registration... So I believe if I stop paying rent I am in breach of the OTP?

You've shot yourself in the foot.

 

[rietrot]

This is what I am thinking as well... However there must be some way to force the seller to submit the rrequired documentation by a certain date? Or can she just drag this on for years?

Agree on a date you want the home. This should have been done with the OTP. Then if she delay unnecessary you can charge her cost/occupational rent/interest.

 

[R13...]

This is what I am thinking as well... However there must be some way to force the seller to submit the rrequired documentation by a certain date? Or can she just drag this on for years?

There's supposed to be a clause in the OTP about either party stalling the process by doing exactly what your seller is doing here among other tactics. As to the consequences you'd need to check your OTP (and hope you do have the clause in there, the lawyers will know).

 

[Anti-Chris]

No, its a fixed amount.

Oh, and in many cases it's two attorneys - as was the case with me, twice over.

One is the bond attorney appointed by the bank. They act in the interest of you and the bank. They are the ones who will be doing the payment on your behalf and you pay them to register the bond for you.

Then the conveyancing attorneys, these fsckers basically mediate between you and the seller. These are the guys who are just one massive rippoff. Everything they do, one can do yourself, but as someone said earlier, the seller appoints these guys and you just have to suck it up and pay. They do the actual transfer of the property into your name.

The latter acts strictly according to the OTP, they make sure that all conditions are met, etc. This is why I'm saying there HAS to be a date by which everything has to be finalised (bond registration and transfer). If OP does not have this date then this deal was a flop to begin with.

In fact, I don't think it would even be legal. https://www.property24.com/property101/buyers-guide/whats-in-an-offer-to-purchase/15306

My OTP states the following:
The Parties agree that this agreement shall only take effect upon the fulfilment of the following suspensive condition/s:

• the Buyer must obtain a loan from a bank payable against the registration of a bond over the property for the amount of XXXXXXXXX (XXXXXXXXXXXXXXXXXXXx) by 08 October 2019.

 

[Anti-Chris]

There's supposed to be a clause in the OTP about either party stalling the process by doing exactly what your seller is doing here among other tactics. As to the consequences you'd need to check your OTP (and hope you do have the clause in there, the lawyers will know).

Like I explained. This was a private sale. I drew up the OTP myself from an example I found on the internet and I failed to include a clause to deal with stalling...