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Simple Real Estate Sales Contract

Simple Real Estate Sales Contract Template for South Africa

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Key Requirements PROMPT example:

Simple Real Estate Sales Contract

"I need a Simple Real Estate Sales Contract for a residential property purchase in Cape Town, with a purchase price of R2.5 million, subject to bond approval, and planning for transfer by March 2025."

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Document background
The Simple Real Estate Sales Contract is a fundamental legal document used in South African property transactions to formalize the sale and purchase of real estate. It serves as the primary agreement between parties, incorporating requirements from the Alienation of Land Act, Consumer Protection Act, and other relevant legislation. This contract is essential for both residential and commercial property transactions, providing a comprehensive framework that covers property description, purchase price, payment terms, transfer conditions, and various warranties. It can be adapted for different property types and transaction scenarios while maintaining compliance with South African legal requirements. The document is typically prepared by legal professionals but needs to be understood by various stakeholders including estate agents, property developers, and financial institutions.
Suggested Sections

1. Parties: Identification and details of the Seller and Purchaser, including full legal names, identity numbers, and current addresses

2. Background: Brief context of the sale and confirmation that the Seller owns and wishes to sell the property to the Purchaser

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Purchase Price', 'Transfer Date', etc.

4. Property Description: Detailed legal description of the property including erf number, physical address, and size

5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements and payment schedule

6. Transfer and Registration: Process and timing for property transfer, appointment of conveyancer, and registration requirements

7. Risk and Possession: Transfer of risk and possession date, responsibilities before and after possession

8. Warranties: Standard warranties by both parties, including Seller's warranty of good title

9. Property Condition: Current condition of the property and basis of sale (voetstoots or with specific conditions)

10. Costs and Fees: Allocation of transfer costs, legal fees, and other associated expenses

11. Breach: Consequences and remedies in case of breach by either party

12. Notices: How formal notices between parties should be given and addressed

13. General Terms: Standard contract clauses including entire agreement, variation, and governing law

Optional Sections

1. Mortgage Bond: Terms regarding the Purchaser's obligation to obtain mortgage financing, including amount and timing - used when purchase is subject to bond approval

2. Sale of Purchaser's Property: Conditions related to the sale of the Purchaser's existing property - used when purchase is contingent on another property sale

3. Occupational Rent: Terms for occupation before transfer, including rental amount - used when early occupation is requested

4. Agent Commission: Details of estate agent's commission and payment terms - used when an agent is involved

5. Fixtures and Fittings: Detailed list of items included/excluded from sale - used when specific items need clarification

6. Special Conditions: Any unique terms specific to the transaction - used for non-standard arrangements

7. Body Corporate: Terms related to sectional title properties - used for apartments or complexes

8. Tenancy: Details of existing lease agreements - used when property is currently tenanted

Suggested Schedules

1. Schedule A - Property Details: Comprehensive property description, including boundary details and title deed information

2. Schedule B - Fixtures and Fittings: Detailed inventory of all items included in or excluded from the sale

3. Schedule C - Property Condition Report: Detailed report on the current condition of the property, including any defects

4. Schedule D - Payment Schedule: Detailed breakdown of all payments, including deposit, transfer costs, and balance of purchase price

5. Appendix 1 - Property Plans: Building plans, site diagrams, or sectional title plans as applicable

6. Appendix 2 - Compliance Certificates: Copies or details of required compliance certificates (electrical, gas, electric fence, etc.)

7. Appendix 3 - Current Lease Agreements: Copies of any existing lease agreements affecting the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































Clauses



































Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Construction

Property Management

Insurance

Professional Services

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Finance

Risk Management

Operations

Document Management

Client Relations

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Attorney

Property Developer

Real Estate Broker

Property Manager

Bank Manager

Mortgage Specialist

Legal Counsel

Compliance Officer

Property Valuator

Sales Manager

Transaction Coordinator

Real Estate Investment Manager

Property Portfolio Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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