In South African law the consequences of a purchaser resiling from a sale agreement will depend largely on the wording of the sale agreement (Offer to Purchase), whether any suspensive conditions exist (such as bond approval), and whether the purchaser has a legal basis for cancellation.
In general, once the seller has accepted and signed the written offer, a binding agreement comes into existence. A purchaser cannot simply change their mind without potential consequences, even if no deposit has yet been paid. Possible adverse consequences include:
In general, once the seller has accepted and signed the written offer, a binding agreement comes into existence. A purchaser cannot simply change their mind without potential consequences, even if no deposit has yet been paid. Possible adverse consequences include:
- Liability for breach of contract If the purchaser simply walks away without a contractual or legal right to do so, the seller may place the purchaser in breach of the agreement and, after following any notice procedures required by the contract, cancel the sale and pursue remedies.