The Sale Agreement For Home Loan is a crucial document in South African property transactions where mortgage financing is involved. It is used when a purchaser requires bank financing to acquire residential property and combines elements of both a standard property sale agreement and a mortgage agreement. The document must comply with several pieces of South African legislation, including the National Credit Act 34 of 2005 and the Alienation of Land Act 68 of 1981. It contains essential information about the property, purchase price, financing terms, transfer requirements, and the rights and obligations of all parties. This agreement is particularly important as it serves as the foundation for both the property transfer process and the registration of the mortgage bond at the Deeds Office. It's designed to protect the interests of the seller, purchaser, and the financing institution while ensuring legal compliance and facilitating a smooth property transfer process.
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1. Parties: Identification of the Seller, Purchaser, and the Financial Institution providing the home loan
2. Background: Context of the sale, including brief description of the property and confirmation that the Purchaser has obtained home loan approval
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Purchase Price, Transfer Date, etc.
4. Sale of Property: Core terms of the sale, including property description, purchase price, and transfer details
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, deposit requirements, and loan amount
6. Bond/Mortgage Terms: Details of the home loan agreement, including loan amount, interest rate, and repayment terms
7. Transfer and Registration: Process and requirements for property transfer and registration at the Deeds Office
8. Occupation: Terms regarding occupation date, occupational rent, and related conditions
9. Risk and Benefit: Transfer of risk and benefit in the property
10. Warranties and Representations: Warranties by both parties regarding the property and their capacity to enter into the agreement
11. Property Condition: Current condition of the property and any defects
12. Costs and Fees: Allocation of transfer costs, bond registration costs, and other fees
13. Default and Breach: Consequences of default and remedies available to parties
14. Notices and Domicilia: Communication methods and official addresses for notices
15. General Terms: Standard contractual provisions including whole agreement, variation, and governing law
1. Estate Agent Commission: Terms regarding estate agent's commission - include when a real estate agent is involved in the transaction
2. Suspensive Conditions: Additional conditions that must be met before the agreement becomes binding - include when there are specific conditions like sale of purchaser's existing property
3. Special Conditions: Any unique terms specific to this transaction - include when there are non-standard arrangements
4. Fixtures and Fittings: Detailed list of items included/excluded from the sale - include when there's ambiguity about what's included
5. Tenant Rights: Existing lease agreements and tenant rights - include when property is currently tenanted
6. Building Plans and Certificates: Requirements for outstanding certificates or building plan approvals - include when there are unapproved structures
7. NHBRC Registration: Details of NHBRC registration - include for newly constructed properties
1. Schedule A - Property Description: Detailed legal description of the property including erf number, title deed details, and physical address
2. Schedule B - Property Condition Report: Detailed report on the condition of the property, including photographs and list of defects
3. Schedule C - Fixtures and Fittings List: Comprehensive list of all fixtures and fittings included in or excluded from the sale
4. Schedule D - Payment Schedule: Detailed breakdown of all payments, including deposit, transfer costs, and loan payments
5. Appendix 1 - Required Certificates: List of required compliance certificates (electrical, gas, electric fence, water, etc.)
6. Appendix 2 - Property Plans: Approved building plans and property diagrams
7. Appendix 3 - Bank Approval Letter: Copy of the home loan approval letter from the financial institution
Relevant legal definitions
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Relevant Industries
Real Estate
Banking & Financial Services
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Construction & Property Development
Insurance
Property Management
Mortgage Services
Relevant Teams
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Compliance
Real Estate
Property Finance
Risk Management
Sales
Mortgage Operations
Client Relations
Document Management
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Relevant Roles
Real Estate Agent
Property Attorney
Conveyancer
Mortgage Broker
Bank Manager
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Compliance Officer
Property Manager
Sales Manager
Bond Originator
Real Estate Portfolio Manager
Property Finance Specialist
Relationship Manager - Property Finance
Risk Assessment Officer
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