DEMYSTIFYING “NON-REFUNDABLE DEPOSITS”, “ROUWKOOP” AND “PENALTY CLAUSES” IN SALE OF PROPERTY AGREEMENTS

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 […]