In a typical property transfer transaction, there is an attorney looking after the seller, an attorney looking after the existing bondholder, and attorney looking after the new bondholder, but neither of these attorneys are specifically appointed to look after the interests of the purchaser.
The transfer attorney, who is usually appointed by the seller, has a duty of care towards the purchaser, but that is not the same as being primarily appointed to look after the interests of the purchaser.
The bond cancellation attorney looks after the interests of the bank who holds the existing bond.
The bond attorney looks after the interests of the bank that grants the new bond.
Often the purchaser is left alone to fend for themselves, so…
If you find yourself in this situation, please contact us BEFORE you sign the offer to purchase and we will gladly assist you through the process.
Once the offer to purchase / deed of sale is signed by all parties, it becomes a valid and binding agreement, and any changes that need to be made can only be made by agreement between the parties, and sometimes the other party is not willing to make changes.
It is therefore vital that the offer to purchase / deed of sale correctly reflects the agreement between the parties, and that you understand exactly what you are signing.
For professional legal advice, contact Tracey Watson Gill at Goldberg & de Villiers Inc. on 041 5019800.