Mc Naught & Co
Making Sales Valid
In a recent High Court judgement the Court re-affirmed that alterations to sales agreements need to be agreed by all parties for the agreement to be valid.
Where an offer made by a buyer is accepted by the seller subject to certain alterations to the terms being made, if the buyer in turn does not accept these alterations, there simply is no sale. In the case before Court the buyer had paid his deposit before noticing the alterations and then demanded his deposit back which the seller refused. The Court confirmed that the alterations had never been brought to the buyer’s attention nor accepted and as there was therefore no sale, a full refund of the deposit to the buyer was due.
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Property Practitioners Act – The new law
Some new legislation will bring far-reaching changes to the property industry as it will be replacing the Estate Agency Affairs Act, 1976 (“The old Act”). If you are an estate agent, you will likely already be aware that the Property Practitioners Bill was signed into South African law on 2 October 2019 and we can expect that it will become operational within the next few months. However, Estate Agents are not the only ones who this bill applies to.