Yes, you can withdraw your offer to buy a property in South Africa; however, this is not recommended. An offer to purchase is essentially bidding and pulling out of that can, and it will almost always be quite expensive. So before you make that offer, do your homework and be sure it is a proprty you want and can afford.
Valid reason to withdraw your offer to purchase
There are, however, several circumstances in which the offer can be canceled without incurring the high penalties that would otherwise apply.
When there is a breach of contract
If the seller fails to satisfy a suspensive condition on purpose, it is a breach of contract, as so does refusing to proceed with the sale without legal justification or breaching any other terms and conditions in the contract.
When the home priced under R250,000
The only time a buyer can cancel an Offer to Purchase, regardless of suspensive conditions or other stipulations, is if the offer is for a residence priced less than R250,000 and written notification is delivered to the seller within five days of signing.
72-hour clause
The offer to purchase may contain terms that allow it to be canceled if specific circumstances are met. The seller may include a clause known as the 72-hour clause, which states that they may accept another offer for the house if they tell the buyer and give them 72 hours to satisfy the terms of the offer to purchase.
