Mcwade Property Holdings (Pty) Ltd v Babcock Ntuthuko Engineering (Pty) Ltd and Others (9787/2020)
Mcwade Property Holdings (Pty) Ltd v Babcock Ntuthuko Engineering (Pty) Ltd and Others (9787/2020) [2021] ZAGPJHC 387 (26 May 2021)
The court found that the wording of clause 9.1.2 required only that the purchaser be 'able to raise a loan' within the 60-day period, not that a final, irrevocable loan agreement be concluded. The approval in principle by Investec and the acceptance of the term sheet by the applicant satisfied the suspensive condition. The subsequent withdrawal of the guarantee by Investec did not retrospectively invalidate the agreement, as the condition had already been fulfilled. The actions of both parties after the approval indicated their acceptance that the condition was met. Therefore, the applicant's…
Source excerpt
- Suspensive Condition
- Contract Interpretation
- Sale Of Immovable Property
- Loan Approval
- Specific Performance