Cooling-off Right

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Glossaries

Term Definition
Cooling-off Right

A statutory right recorded in Section 29A of the Alienation of Land Act giving the buyer of a residential property costing R250 000 or less the right to withdraw from the sale within five working days of signing the offer to purchase. It does not apply if the buyer is a company close corporation or trust. Afrikaans - Afkoel Klousule

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