The Provisional Agreement For Sale And Purchase is a crucial document in South African property transactions, typically used when parties wish to formalize their intent to enter into a property transaction subject to certain conditions being met. This document is particularly relevant when the sale is contingent on factors such as the purchaser obtaining mortgage financing, successful property inspections, or the seller securing certain certificates or approvals. It must comply with South African legislation, particularly the Alienation of Land Act, Consumer Protection Act, and various property-related regulations. The agreement includes essential elements such as property details, purchase price, condition precedents, timeframes, and the rights and obligations of both parties. It serves as a stepping stone to the final deed of sale while providing legal protection for all parties involved during the conditional period.
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1. Parties: Identification and details of the Seller and Purchaser, including their full legal names, registration/identity numbers, and physical addresses
2. Background: Context of the transaction and brief description of the property being sold
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 boundaries
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements and payment schedule
6. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes final, such as bond approval or sale of existing property
7. Transfer and Registration: Process and timeframes for property transfer, including appointment of conveyancer and obligations of parties
8. Risk and Possession: Transfer of risk and possession date, including occupational rent if applicable
9. Warranties: Standard warranties by both parties regarding the property and their capacity to enter into the agreement
10. Breach: Consequences and remedies in case of breach by either party
11. Notices and Domicilia: Communication protocols and chosen addresses for legal notices
12. General Terms: Standard legal provisions including whole agreement, variation, and governing law clauses
1. Agent Commission: Details of estate agent's commission when a property agent is involved in the transaction
2. Fixtures and Fittings: Detailed list of items included/excluded from the sale when there are specific items to be addressed
3. Tenant Rights: Provisions regarding existing tenants when the property is currently leased
4. Special Conditions: Any unique requirements or conditions specific to the transaction
5. Property Inspection: Specific terms regarding property inspections when required
6. Occupational Rent: Terms for occupational rent when occupation date differs from transfer date
7. FICA Requirements: Specific provisions for compliance with Financial Intelligence Centre Act when dealing with high-value transactions
1. Schedule A - Property Details: Detailed property specifications, including site plans and property diagrams
2. Schedule B - Fixtures and Fittings: Comprehensive list of all fixtures and fittings included in or excluded from the sale
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Schedule D - Defects List: List of known defects in the property
5. Appendix 1 - Property Plans: Approved building plans and property diagrams
6. Appendix 2 - Compliance Certificates: Copies or details of required compliance certificates
7. Appendix 3 - FICA Documents: List of required FICA documentation to be provided by both parties
Relevant legal definitions
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Real Estate
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Residential Property
Commercial Property
Legal Services
Financial Services
Banking
Construction
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Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Contract Administration
Risk Management
Conveyancing
Property Development
Commercial Property
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Property Developer
Legal Counsel
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Property Manager
Sales Manager
Contract Administrator
Real Estate Broker
Property Valuer
Mortgage Specialist
Transaction Coordinator
Legal Administrator
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