oa De Rebus - Is the 'cooling-off' period finally 'cool enough
On 27 November 1998 the new Alienation of Land Amendment Act 103 of 1998 was promulgated.* It introduced the new s 29A - the 'cooling- off period'. Most importantly, the Act will be applicable only to transactions up to R250 000 and will thus have a limited operation. Here are some comments: ï¿½ An appropriate clause will need to be added to all deeds of sale, which could then be deleted if the purchase price exceeded R250 000. The inclusion of the clause is a formality in respect of the deed of alienation and no penalty is provided for should it be left out.
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