Property deal

In June I entered into a contract as a buyer for a vacant land in Brits, estate d'afrique. FNB bank agreed to finance the property and I have paid deposit of 155000 rands. I'm still left with 104 000 rands to pay. My money is held by attorneys.<br> <br> My company announced their intent to retrench last week and they have started engagement with CCMA and unions (section 189 A). I have since notified the agent and the sellers of my intention to also cancel the deal and apparently the sellers are refusing to cancel the deal. This property has not been registered in my name in the deeds office. <br> <br> What are my legal options? I'm prepared to pay penalties and what is legally reasonable as penalties? Please advise.