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Offer Of Purchase And Sale
"I need a standard Offer of Purchase and Sale agreement for a residential property in Cape Town, South Africa, with a specific focus on including detailed fixtures and fittings clauses and ensuring compliance with sectional title requirements."
1. Parties: Full details of the Seller and Purchaser including legal names, identification/registration numbers, and contact details
2. Background: Brief context of the sale and purchase transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including erf number, physical address, size, and registration division
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Details of how and when payments will be made, including financing arrangements
7. Conditions Precedent: Any conditions that must be met before the agreement becomes binding, such as bond approval
8. Transfer and Registration: Process and timing for property transfer, appointment of conveyancer, and costs allocation
9. Possession and Occupation: Date of occupation, occupational rent if applicable, and condition of property upon handover
10. Warranties: Warranties provided by the seller regarding the property's condition and legal status
11. Risk and Insurance: Transfer of risk and responsibility for insurance
12. Estate Agent Commission: Details of estate agent's commission if applicable
13. Breach: Consequences and remedies in case of breach by either party
14. Notices and Domicilia: How formal notices will be given and parties' chosen addresses for legal purposes
15. General Terms: Standard contractual provisions including whole agreement, variation, and governing law
16. Signatures: Execution clause and signature blocks for all parties
1. Voetstoots Clause: Used when the property is sold 'as is', without warranties beyond those explicitly stated
2. Tenant Rights: Include when the property is currently occupied by tenants, addressing their rights and notice requirements
3. Fixtures and Fittings: Detailed list of items included/excluded from the sale when there's need for specific clarity
4. Renovation Agreement: Include when specific renovations or repairs are to be completed before transfer
5. FICA Requirements: Specific section dealing with Financial Intelligence Centre Act requirements when relevant
6. Bond Cancellation: Include when the seller needs to cancel an existing bond as part of the transaction
7. Special Conditions: Any unique requirements or conditions specific to this transaction
8. Compliance Certificates: Details of required certificates when not covered in main warranties section
1. Schedule A - Property Details: Detailed property specifications, including boundary descriptions and title deed information
2. Schedule B - Fixtures and Fittings: Comprehensive list of items included in or excluded from the sale
3. Schedule C - Defects List: Known defects in the property acknowledged by both parties
4. Schedule D - Compliance Certificates: List of required certificates and their status
5. Appendix 1 - Property Plans: Approved building plans and property diagrams
6. Appendix 2 - Photos: Dated photographs of the property condition at time of sale
7. Appendix 3 - Financial Information: Relevant financial documents including levy statements if applicable
8. Appendix 4 - Proof of Authority: Documents proving authority to sell if signing in representative capacity
Authors
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Property Management
Insurance
Professional Services
Residential Property
Commercial Property
Legal
Real Estate
Compliance
Risk Management
Sales
Property Management
Business Development
Finance
Operations
Administrative Support
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Property Manager
Bank Manager
Mortgage Specialist
Legal Counsel
Property Developer
Real Estate Broker
Compliance Officer
Risk Manager
Property Valuator
Sales Manager
Contract Administrator
Business Development Manager
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