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Wholesale Real Estate Contract

Wholesale Real Estate Contract Template for South Africa

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Key Requirements PROMPT example:

Wholesale Real Estate Contract

"I need a Wholesale Real Estate Contract for a commercial property in Cape Town, with a 45-day assignment period and option to extend for an additional 30 days, targeting completion by March 2025; the agreement should include specific provisions for existing tenant management during the assignment period."

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Document background
The Wholesale Real Estate Contract is a specialized agreement used in South African property transactions where an intermediary (wholesaler) contracts to purchase property with the intention of assigning their rights to an end buyer for a profit. This document type emerged from the need to facilitate wholesale property transactions while ensuring compliance with South African property law, including the Alienation of Land Act 68 of 1981 and the Property Practitioners Act 22 of 2019. It includes comprehensive provisions for property description, purchase terms, assignment rights, due diligence requirements, and necessary warranties, while protecting the interests of all parties involved. The contract is particularly useful in scenarios where investors seek to capitalize on property opportunities without requiring substantial upfront capital, while ensuring legal compliance and transparency in the transaction process.
Suggested Sections

1. Parties: Identification of all parties involved, including the seller, wholesaler (buyer), and provisions for assignment of rights

2. Background: Context of the transaction and purpose of the agreement, including the wholesale nature of the transaction

3. Definitions: Key terms used throughout the agreement, including property-specific and wholesale-specific terminology

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

5. Purchase Price: Terms of payment, including deposit requirements and payment structure

6. Assignment Rights: Explicit rights and procedures for the wholesaler to assign the contract to another buyer

7. Due Diligence: Period and terms for property inspection, document review, and verification of property condition

8. Conditions Precedent: Required conditions to be met before the agreement becomes fully effective

9. Warranties and Representations: Statements and guarantees by both parties regarding the property and transaction

10. Transfer and Registration: Process and responsibilities for property transfer and registration

11. Risk and Possession: Transfer of risk and possession arrangements

12. Breach and Termination: Consequences of breach and termination procedures

13. Notices and Domicilia: Communication protocols and official addresses for legal notices

14. General Provisions: Standard legal clauses including governing law, jurisdiction, and entire agreement provisions

Optional Sections

1. Tenant Provisions: Used when the property is currently tenanted, outlining existing lease agreements and obligations

2. Mortgage Contingency: Include when financing arrangements are relevant to the transaction

3. Property Management: Used when interim property management arrangements are needed during the assignment period

4. Development Rights: Include when the property has potential development opportunities that affect its value

5. Environmental Provisions: Used when environmental issues or assessments are relevant to the property

6. Special Conditions: For unique property-specific conditions or requirements

7. Commission Structure: Include when there are estate agent commissions or finder's fees involved

8. VAT Provisions: Used when either party is VAT-registered and the transaction has VAT implications

Suggested Schedules

1. Schedule A - Property Details: Comprehensive property specifications, including fixtures and fittings

2. Schedule B - Financial Terms: Detailed breakdown of purchase price, payment terms, and related financial conditions

3. Schedule C - Due Diligence Checklist: List of required documents and inspections for due diligence

4. Schedule D - Existing Tenancies: Details of current lease agreements and tenant information

5. Schedule E - Property Certificates: Required certificates including electrical, gas, electric fence, and beetle certificates

6. Appendix 1 - Property Plans: Site plans, building plans, and relevant architectural drawings

7. Appendix 2 - Title Deed: Copy of the current title deed and relevant endorsements

8. Appendix 3 - Assignment Template: Template for assignment of rights to end buyer

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

Property Development

Commercial Property

Residential Property

Property Investment

Construction

Property Management

Real Estate Finance

Legal Services

Property Tech

Relevant Teams

Legal

Real Estate

Property Acquisitions

Investment

Due Diligence

Contract Administration

Property Development

Risk Management

Compliance

Finance

Relevant Roles

Real Estate Wholesaler

Property Investment Manager

Real Estate Attorney

Property Developer

Investment Analyst

Real Estate Broker

Property Acquisition Manager

Legal Counsel

Contract Manager

Real Estate Investment Director

Property Portfolio Manager

Conveyancing Attorney

Real Estate Investment Consultant

Property Deal Structurer

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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