Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town branch of STBB. She is an admitted Attorney, Notary Public, Conveyancer and Insolvency Practitioner with many years of experience in the fields of property law, conveyancing and the laws relating to corporate compliance (especially in respect of the FICA and POPIA laws). Up until 2018 she was also head of the firm’s national marketing portfolio. She is a seasoned public speaker and presenter, both in person and online. She prepares text for the majority of STBB’s internal and external publications and is editor and co-writer for two pivotal publications in the South African real estate industry – the ABC of Conveyancing (JUTA) and Delport’s South African Property Law and Practice (JUTA).

Thought of the Week | Deposits in Sale Agreements of Immovable Property

To bring about a valid and binding agreement, it is not a legal requirement that a purchaser pays a deposit. However, where a purchaser puts down an amount as a deposit, it generally signals financial ability and a commitment to purchasing the property.

The agreement should clearly stipulate whether the deposit is to be paid to the appointed conveyancers or the estate agent. The agreement must also clearly stipulate that the deposit must be held in a separate interest-bearing account and that, pending registration of transfer, interest on the amount accrues for the benefit of the purchaser. Failure to do this will oblige the conveyancers or estate agent to pay the interest to their respective fidelity funds.

For assistance in all aspects of your agreement to buy or sell immovable property, contact STBB before you put pen to paper.

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