The Pre Sale Agreement is a crucial document in South African commercial and property transactions, serving as a preliminary contract that secures both parties' interests before the final sale. It is commonly used in situations where parties need to establish binding terms while certain conditions are still being fulfilled, such as obtaining financing, completing due diligence, or awaiting regulatory approvals. The document typically includes detailed descriptions of the asset being sold, purchase price, payment terms, conditions precedent, warranties, and completion requirements. Under South African law, particularly considering the Consumer Protection Act and Alienation of Land Act, specific formalities and mandatory provisions must be included to ensure enforceability. This agreement is especially important in complex transactions where a significant time gap exists between initial agreement and final sale.
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1. Parties: Full details of the seller and purchaser, including registration/ID numbers, addresses, and contact details
2. Background: Context of the transaction, brief description of the asset/property being sold, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including defined terms for the asset, completion date, deposit, and purchase price
4. Subject Matter: Detailed description of what is being sold, including specifications, condition, and any exclusions
5. Purchase Price: The agreed purchase price, payment terms, deposit requirements, and payment schedule
6. Conditions Precedent: Any conditions that must be fulfilled before the sale becomes binding
7. Completion: Details of the completion process, timing, and requirements for transfer of ownership
8. Warranties: Seller's warranties regarding the condition, ownership, and characteristics of the subject matter
9. Risk and Insurance: When risk passes to the purchaser and insurance requirements until completion
10. Breach and Termination: Consequences of breach and circumstances under which the agreement may be terminated
11. Dispute Resolution: Process for resolving disputes between the parties
12. General Provisions: Standard boilerplate clauses including notices, entire agreement, and governing law
1. Due Diligence: Used when the purchaser requires a period to investigate the asset/property before proceeding with the purchase
2. Financing Arrangements: Include when the purchase is subject to the buyer obtaining financing
3. Property Inspection: Specific to property transactions, detailing inspection rights and processes
4. Occupational Rent: Used in property transactions where early occupation is permitted before transfer
5. Agent Commission: Include when an estate agent or broker is involved in the transaction
6. Transfer Duty: Specific to property transactions, detailing who is responsible for transfer duty payment
7. Fixtures and Fittings: For property sales, listing included and excluded items
8. Environmental Matters: Include for properties where environmental concerns need addressing
1. Asset Description Schedule: Detailed description and specifications of the asset being sold
2. Payment Schedule: Breakdown of payment installments and timing if not a single payment
3. Due Diligence Requirements: List of documents and information to be provided for due diligence
4. Property Plans and Diagrams: For property sales, includes relevant plans, diagrams, and zoning information
5. Inventory List: For sales including movable items, detailed inventory of included items
6. Defects List: Known defects or issues with the property or asset being sold
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Retail
Manufacturing
Agriculture
Mining
Professional Services
Automotive
Industrial Equipment
Relevant Teams
Legal
Sales
Commercial
Procurement
Compliance
Risk Management
Operations
Real Estate
Business Development
Property Management
Relevant Roles
Legal Counsel
Contract Manager
Property Manager
Sales Director
Business Development Manager
Commercial Director
Procurement Manager
Real Estate Agent
Property Developer
Compliance Officer
Risk Manager
Transaction Manager
Operations Manager
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