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What is the cooling off period and does it apply in South Africa?
In South Africa the Alienatin of Land Act 68 of 1981 applies. This act states that certain purchasers of immovable property have
the right to revoke an offer to purchase or terminate a sale agreement within 5 days after the offer or sale agreement was signed by the purchaser. This is generally referred to as a ‘cooling off right’ or 'cooling off period'. However, the right to cool off applies only in respect of properties which are used (or intended to be used) mainly for residential purpose an only if the purchase price is R250 000 or less (a higher amount may be
prescribed by the Minister of Trade and Industry from time to time). Other exceptions are when the buyer is a company, close corporation or a trust. -
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Is the offer of purchase agreement legally binding?
An offer to purchase is a legally binding contract. Once accepted by the seller and any suspensive conditions are met, the buyer is committed to the purchase.
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What is 'conduct deserving of sanction'?
'Conduct deserving of sanction' is unethical or improper conduct on the part of an estate agent. The grounds constituting for this law is set out in the Estate Agency Affairs Act 112 of 1976. Disciplinary steps can be taken by the Estate Agency Affairs Board against an estate agent found guilty of conduct deserving of sanction.
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