What are your rights as a seller when it comes to claiming interest on a delayed transfer, directly caused by the buyer?
In most cases, the delay in the transfer process is caused by the buyer not producing the correct documentation or finances.
A buyer needs to ensure that this delay doesn’t intentionally happen, by inserting a “mora” clause in the Offer to Purchase.
Mora is a Latin term meaning delay or default.
By adding this clause, the buyer can be illegible to pay interest from the date that the purchase price should have been paid until the actual transfer takes place.
If you need any assistance with including this clause into your OTP, please contact jackie@leeandmcadam or keith@leeandmcadam.co.za