Demystifying “non-refundable deposits”, “rouwkoop” and “penalty clauses” in sale of property agreements
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1. Non-refundable or forfeiture clause Sellers are sometimes sold on the idea of including a non-refundable deposit clause in the Contract of Sale. More often than not, sellers are under the impression that they will be entitled to all of the non-refundable deposit or monies already paid to the conveyancer on account of the purchase […]