How does the cooling-off period work
Category From the pen of Esti Lombard
"Section 29A of the Alienation of Land Act provides that a cooling off period applies and needs to be mentioned in a sale agreement in certain circumstances. If the cooling-off principle applies and is not mentioned in the sale agreement is rendered null and void and it is for this reason that this cooling-off period clause has become standard in most sale agreements.
The cooling-off principle applies as follows:
- The property must have a value and/or sales price of R250 000 or less for the cooling-off right to apply.
- If the cooling-off right applies, the Purchaser must be afforded the right to revoke the offer or to terminate the deed of alienation, as the case may be, by written notice delivered to the seller, within 5 (five) days of the signature of this agreement.
- The cooling-off right only applies to persons who purchase land to be used mainly for residential purposes. The purchase of industrial or commercial land or agricultural land for commercial purposes is not subject to the cooling-off right.
- A public auction sale is not subject to the cooling-off right"
Before founding E. Lombard Attorneys Inc, Esti Lombard served at a prominent and trusted Durban-based law firm for 18 years. At E. Lombard Attorneys Inc we are passionate about law, and, being a small firm, pride ourselves in rendering fast, efficient and personal client service. Our practical and creative problem-solving skills, coupled with our genuine love for people, set E. Lombard Attorneys Inc apart from the rest.
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Author: Esti Lombard
