Show me the money… Is there a duty on the seller to return the deposit/transfer duty when a sale is concluded?

show me the money imageRoyal Anthem Investments[1], a dispute arose regarding a written agreement of sale concluded by the parties on 1 June 2009. Yuen Fan Lau and Shun Cheng Liang, the first and second respondents respectively, agreed to pay the appellant, Royal Anthem Investments 129 (Pty) Ltd, a purchase price of R 3, 6 million for certain immoveable property situated on a golf estate. The sale failed and the respondents sought to recover both the deposit and the transfer duty which they had paid to the Transferring Attorneys.

A suspensive condition existed wherein the respondents had to raise the necessary finances to pay the purchase price. The appellant instructed its Attorney to withhold the repayment on the basis of a clause in the sale agreement, which provided that on cancellation of the contract, the Appellant was entitled to keep any other amounts payable. The respondent instituted action against both Appellants and attorneys in the North Gauteng High Court.

[1] Royal Anthem Investments 129 (Pty) Ltd v Yuen Fan Lau (941/2012) (2014) ZASCA 19 (26 March 2014)

 

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