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Sale Agreement Of Immovable Property
"I need a Sale Agreement of Immovable Property for a residential property in Cape Town, South Africa, with a suspensive condition for the buyer to obtain mortgage financing by March 2025, and the property is currently tenant-occupied."
1. Parties: Identification and details of the Seller and Purchaser, including full names, registration/identity numbers, and contact details
2. Background: Brief context of the sale and confirmation that the Seller owns and wishes to sell the property to the Purchaser
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the agreement
4. Property Description: Detailed description of the property including erf number, street address, size, and registration division
5. Purchase Price: The agreed purchase price, payment terms, and deposit requirements
6. Payment Terms: Details of how and when payments will be made, including deposit arrangements and guarantee requirements
7. Transfer and Registration: Process and timing for property transfer, appointment of conveyancer, and obligations of parties
8. Possession and Occupation: Date of occupation, occupational rent if applicable, and conditions of possession
9. Voetstoots Clause: Statement that the property is sold 'as is', subject to CPA requirements where applicable
10. Risk and Insurance: Transfer of risk and responsibility for insurance from date of possession
11. Rates and Taxes: Responsibility for municipal rates, taxes, and utilities, including arrangements for clearance certificates
12. Estate Agent Commission: Details of estate agent commission if applicable and who is responsible for payment
13. Breach: Consequences and remedies in case of breach by either party
14. Notices and Domicilia: Legal addresses for service of notices and communication requirements
15. General Terms: Standard legal provisions including whole agreement, variation, and governing law
1. Mortgage Bond: Include when purchase is subject to the Purchaser obtaining mortgage finance, specifying amount and timeframe
2. Sale of Purchaser's Property: Include when purchase is conditional on the Purchaser selling their existing property
3. Fixtures and Fittings: Include when specific items are included/excluded from the sale requiring detailed listing
4. Tenant Rights: Include when the property is currently let and specifying arrangements regarding existing lease
5. Special Conditions: Include when there are specific conditions like renovations to be completed or certificates to be obtained
6. FICA Requirements: Include detailed FICA compliance requirements when dealing with corporate entities or trusts
7. Direct Marketing: Include cooling-off period details if the sale resulted from direct marketing
8. Body Corporate: Include for sectional title properties, specifying body corporate rules and obligations
1. Schedule A - Property Description: Detailed property description including diagram, zoning, and current use
2. Schedule B - Fixtures and Fittings: Comprehensive list of fixtures and fittings included/excluded from the sale
3. Schedule C - Defects List: List of known defects disclosed by the Seller
4. Schedule D - Compliance Certificates: List of required compliance certificates and their status
5. Appendix 1 - Property Plans: Approved building plans and property layout
6. Appendix 2 - Title Deed: Copy of the current Title Deed
7. Appendix 3 - Body Corporate Rules: For sectional title properties, copies of relevant body corporate rules
8. Appendix 4 - FICA Documents: Copies of required FICA documentation for both parties
Authors
Real Estate
Banking and Finance
Legal Services
Property Development
Construction
Residential Property
Commercial Property
Agricultural Property
Industrial Property
Property Management
Legal
Real Estate
Compliance
Risk Management
Sales
Business Development
Property Management
Contract Administration
Finance
Operations
Property Lawyer
Real Estate Agent
Conveyancing Attorney
Property Manager
Legal Counsel
Compliance Officer
Real Estate Developer
Property Investment Manager
Bank Manager
Mortgage Specialist
Contract Manager
Property Portfolio Manager
Sales Manager
Business Development Manager
Risk Manager
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