The Property Sale Agreement is a fundamental legal document used in South African property transactions, essential for both residential and commercial property transfers. It must comply with the Alienation of Land Act 68 of 1981 and related legislation, requiring the agreement to be in writing and signed by all parties. This document is used whenever immovable property is bought or sold, whether in private sales, developer transactions, or commercial property deals. It includes crucial information about the property, parties involved, purchase price, payment terms, transfer conditions, and various warranties and undertakings. The agreement serves as the primary record of the transaction terms and protects both buyer and seller's interests while ensuring compliance with South African property law requirements.
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1. Parties: Details of the Seller and Purchaser, including full legal names, identity numbers, and current addresses
2. Background: Context of the sale and brief description of the property being sold
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the agreement
4. Property Description: Detailed legal description of the property including erf number, township, size, and physical address
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Detailed structure of payments, timeline, and payment methods
7. Transfer and Registration: Process and timing for property transfer, appointment of conveyancer, and registration requirements
8. Possession and Occupation: Date of occupation, occupational rent if applicable, and conditions of possession
9. Voetstoots and Property Condition: Statement of property condition and extent of seller's warranties
10. Risk and Insurance: Transfer of risk and insurance obligations
11. Rates, Taxes and Charges: Responsibility for municipal rates, taxes, and utility charges
12. Agent's Commission: Details of estate agent's commission if applicable
13. Breach: Consequences of breach by either party and remedies available
14. Dispute Resolution: Process for resolving disputes between parties
15. Notices and Domicilia: Official addresses for legal notices and communication
16. General Terms: Standard legal provisions including whole agreement, variation, and governing law
1. Bond Approval: Required when purchase is subject to the buyer obtaining mortgage finance
2. Sale of Purchaser's Property: Include when the purchase is conditional on the buyer selling their existing property
3. Fixtures and Fittings: Detailed list of items included/excluded in the sale when there's uncertainty about what's included
4. Compliance Certificates: Special provisions regarding electrical, gas, electric fence, or beetle certificates when required
5. Tenant Rights: Required when the property is currently leased to tenants
6. Development Conditions: Include for properties in development schemes or where future development is planned
7. FICA Requirements: Specific provisions for Financial Intelligence Centre Act compliance in high-value transactions
8. VAT Provisions: Required when the seller is VAT-registered and the sale is part of their enterprise
1. Schedule A - Property Description: Detailed technical description of the property including diagram deeds and survey details
2. Schedule B - Fixtures and Fittings: Comprehensive list of all fixtures and fittings included in or excluded from the sale
3. Schedule C - Defects List: List of known defects disclosed by the seller
4. Schedule D - Compliance Certificates: Copies or details of required compliance certificates
5. Appendix 1 - Property Plans: Building plans, site plans, and architectural drawings
6. Appendix 2 - Title Deed: Copy of the current title deed
7. Appendix 3 - Body Corporate Rules: If applicable, rules of the body corporate or homeowners association
8. Appendix 4 - Proof of Payment: Record of deposit and other payments made
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Development
Residential Housing
Commercial Property
Agricultural Property
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Development
Sales
Commercial Property
Residential Property
Conveyancing
Property Finance
Property Management
Contract Administration
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Property Developer
Real Estate Manager
Legal Counsel
Property Transaction Manager
Compliance Officer
Real Estate Broker
Property Investment Manager
Bank Manager
Mortgage Specialist
Property Valuer
Estate Agent Principal
Legal Risk Manager
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