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The option fee usually is non-refundable. That is, if the tenant-buyer fails to exercise the option, the money remains with the seller. It is not refunded. The reason: The option fee is not a deposit. The option fee has been used to purchase something of value: the option. 2. The parties agree to a purchase price.
The floodplains of the Luvuvhu River and the Limpopo River.. South African property law regulates the "rights of people in or over certain objects or things." [1] It is concerned, in other words, with a person's ability to undertake certain actions with certain kinds of objects in accordance with South African law. [2]
The South African law of lease is an area of the legal system in South Africa which describes the rules applicable to a contract of lease (or letting and hiring, Lat locatio conductio, Afrik huur en verhuring).
During the option period, buyers may either terminate the contract or proceed to purchase the home. Sellers not only receive the benefit of the option fee payment, but also avoid jeopardizing a successful sale. In addition, during the option period, the seller can continue to negotiate and accept back-up offers from other potential buyers.
An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer". [1] Option contracts are common in relation to property (see below ) and in professional sports .
A good deal of confusion has been caused in South African law by the expression warranty, which has a variety of technical meanings in English law. In South Africa, the word warranty is non-technical and simply means "term". Unfortunately, the use of the words condition and warranty in the English-law sense is relatively common in South Africa ...
The National Planning Commission of South Africa is a South African government agency established in May 2010, responsible for strategic planning for the country. The head of the commission reports to the President, and works with various ministries to co-ordinate joint priority projects that require a multifaceted approach. [ 2 ]
The following guidelines determine whether and when to exercise an option: [3] An option should only be exercised if it is in the money by at least as much as the fees associated with the underlying transaction (e.g. the fee for subsequently selling an underlying which has been physically delivered). The exercise usually costs money as well.