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Immovable Property Purchased from the Bank

The complainant bought a property from the bank for R250 000. He paid a deposit and secured the guarantees within the stipulated 19 working days. He then resold the property for R430 000.
However, the bank cancelled the deal, which the complainant claimed was due to the 30% profit he made.
The bank's attorneys, he added, had sent him an email to this effect.


The complainant wanted the bank to compensate him for the loss of R180 000 profit, and for the distress and inconvenience suffered.
The bank argued that it had to no alternative but to cancel the sale of the property given the uncertainty surrounding all properties linked to the collapsed Brusson Finance Scheme.


During the OBS investigation, the bank agreed to give transfer of the property to the complainant, but stated that it would not accept responsibility for or assist with evictions. The bank agreed to pay the complainant R5 000 for distress and inconvenience. The offer was declined.
The OBS then held a meeting with the bank, at which the bank upped its offer to R20 000, agreed to pay reasonable legal costs incurred during the previous sale and offered to assist the complainant to find another property.
The complainant accepted.

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