Buying a property, whether to live in, work in or just as an investment, invariably involves a substantial amount of money changing hands.
Whether you are the seller or the buyer, the last thing you want is for the money to be stolen by a dishonest transferring attorney. If it happens, who carries the loss? Must transfer still be passed to the buyer? Who must lodge a claim with the Legal Practitioners Fidelity Fund and hope that it pays out without delay?
A recent High Court case involving the theft of over R720,000 from a trust account is a timely warning of the risks to both parties and of the uncertainties involved in deciding who suffers what loss. We’ll end off with some practical tips for both sellers and buyers.
