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Simple Real Estate Purchase Agreement Between Family Members
"I need a Simple Real Estate Purchase Agreement Between Family Members for selling my house to my sister in Cape Town, with a purchase price of R2.5 million to be paid in installments starting March 2025, and I want to ensure all necessary compliance certificates are included."
1. Parties: Identification of the seller and purchaser, including their full legal names, ID numbers, and family relationship
2. Background: Brief context of the family property sale and acknowledgment of the family relationship
3. Definitions: Key terms used in the agreement, including property description, purchase price, and other relevant terms
4. Property Description: Detailed legal description of the property, including erf number, title deed number, and physical address
5. Purchase Price: Agreed purchase price and payment terms, including any family-specific arrangements
6. Payment Terms: Details of how and when payment will be made, including any special family arrangements or installment plans
7. Transfer and Registration: Process and timing for property transfer and registration at the Deeds Office
8. Possession and Occupation: Date of occupation and conditions for taking possession of the property
9. Warranties: Basic warranties about the property's condition and seller's right to sell
10. Property Condition: Current state of the property and any known defects
11. Costs and Fees: Allocation of transfer costs, legal fees, and other expenses
12. Governing Law: Confirmation that South African law governs the agreement
13. Dispute Resolution: Process for resolving any disputes, considering the family relationship
14. Signatures: Space for parties to sign, including witnesses
1. Spousal Consent: Required if either party is married in community of property
2. Mortgage Bond Arrangements: Include if the purchaser requires mortgage financing
3. Special Family Conditions: Any unique arrangements due to the family relationship, such as rights of first refusal for future sale
4. Existing Tenants: Include if the property has current tenants and how their tenancy will be handled
5. Fixtures and Fittings: Detailed list of items included/excluded in the sale if needed
6. Family Trust Provisions: Required if either party is acting as a trustee of a family trust
7. Right of Residence: Include if selling family member retains any right to reside in the property
1. Schedule A - Property Details: Comprehensive property description, including boundary details and title deed information
2. Schedule B - Fixture and Fittings List: Detailed inventory of items included in or excluded from the sale
3. Schedule C - Payment Schedule: If applicable, detailed payment plan including installment amounts and dates
4. Schedule D - Property Condition Report: Detailed report on the current condition of the property and any defects
5. Appendix 1 - Property Plans: Official property plans and diagrams
6. Appendix 2 - Title Deed Copy: Copy of the current title deed
7. Appendix 3 - Compliance Certificates: Copies of electrical, gas, electric fence, and beetle certificates as applicable
Authors
Real Estate
Legal Services
Banking and Finance
Property Development
Conveyancing
Residential Property
Family Law
Property Management
Legal
Conveyancing
Property Transfer
Real Estate
Residential Property
Family Law
Compliance
Property Documentation
Deed Registration
Contract Administration
Real Estate Attorney
Conveyancing Lawyer
Property Transfer Secretary
Real Estate Agent
Property Law Consultant
Family Law Attorney
Legal Advisor
Bank Manager
Mortgage Specialist
Property Transfer Administrator
Compliance Officer
Title Deed Officer
Property Law Partner
Deeds Office Examiner
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