Edmalux (Pty) Ltd v Van Hulsteyns Attorneys and Another (26373/2016)
Edmalux (Pty) Ltd v Van Hulsteyns Attorneys and Another (26373/2016) [2017] ZAGPJHC 75 (16 March 2017)
The court found that the agreement of sale had lapsed due to the applicant's failure to pay the deposit to the auctioneer as required, rendering the agreement null and void. In such circumstances, each party must restore what was received, and the applicant is entitled to repayment of the capital amount held in trust. Even if the agreement had not lapsed, the forfeiture clause did not entitle the seller to retain amounts earmarked for SARS, such as transfer duty, as these were not paid to the seller but to a third party. The second respondent's cancellation based on alleged non-compliance wit…
Source excerpt
- Sale Of Land
- Forfeiture Clause
- Trust Account Funds
- Contract Cancellation
- Repayment Of Transfer Duty