No cooling off period for most property purchases

When an offer to purchase is signed for an existing property over the value of R250,000 there is no cooling off period for the purchaser. Meaning that buyers cannot simply change their mind and cancel the offer to purchase once signed by both parties, and if they do, there may well be serious financial implications.  This is why buyers must be absolutely sure about a property before they put pen to paper. In addition buyers need to remember that the transfer costs should be available in cash for the registration of transfer to take place.

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