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When a party fails to do something they are supposed to do as per the sales agreement then the transfer of property could be delayed.
Effective as of 1 April 2018, the will be an increase of the VAT rate from 14% to 15%. Real estate transactions are also affected by the increase.
It is important to be well informed before purchasing into a sectional title scheme.
It is important to remember that the body corporate are just a group of people who have the responsibility of ensuring the scheme is run correctly and efficiently.
When a rouwkoop clause occurs in a sale agreement of an immovable property, a deposit is paid to the seller which would be forfeited in the event of the buyer withdrawing from the sale agreement.
Estate agents are suppliers of goods and services to sellers and buyers of immovable property and so they fall into the defined criteria of a supplier as highlighted in the Consumer Protection Act.
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