The Unit Purchase Agreement serves as the primary contract document for sectional title property transactions in South Africa. It is essential for purchasing apartments, townhouses, or any units within sectional title schemes. This document is designed to comply with South African legislation, particularly the Sectional Titles Act, Alienation of Land Act, and Consumer Protection Act. The agreement typically includes detailed information about the unit, purchase price, payment terms, transfer process, and body corporate rules. It's used by developers selling new units, individual sellers transferring existing units, and can accommodate both cash purchases and mortgage-financed transactions. The document must meet strict legal requirements for property transfers in South Africa and includes provisions for FICA compliance, transfer duty, and property registration at the Deeds Office.
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1. Parties: Identification and details of the Seller and Purchaser
2. Background: Context of the transaction, including brief description of the development and unit
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale: Core terms of the sale, including description of the unit and included items
5. Purchase Price: Amount, payment terms, and deposit requirements
6. Transfer and Registration: Process and timing for transfer of ownership, appointment of conveyancers
7. Occupation: Occupation date, occupation rental, and conditions of occupation
8. Condition of Property: State of the unit, voetstoots clause or warranties
9. Body Corporate: Purchaser's obligations regarding body corporate rules and levies
10. Risk and Insurance: Transfer of risk and insurance obligations
11. Default and Breach: Consequences of breach and remedies available to parties
12. Notices and Domicilia: Communication methods and chosen addresses for legal notices
13. General Terms: Standard contractual provisions including whole agreement, variation, and governing law
14. Signatures: Execution clause and signature blocks for all parties
1. Developer's Warranties: Additional warranties if the unit is being sold by a developer in a new development
2. FICA Requirements: Detailed Financial Intelligence Centre Act compliance requirements, if not covered in schedules
3. Bond Finance: Provisions relating to the purchaser's mortgage bond requirements and suspensive conditions
4. Direct Marketing: Cooling-off rights under Consumer Protection Act if sale resulted from direct marketing
5. Agent Commission: Terms relating to estate agent's commission if applicable
6. Fixtures and Fittings: Detailed list of included and excluded items if not in schedules
7. Maintenance Period: Defects liability period and maintenance obligations for new developments
1. Schedule 1 - Property Description: Detailed description of unit, including section number, floor area, participation quota
2. Schedule 2 - Payment Schedule: Detailed breakdown of purchase price, payment milestones, and bank details
3. Schedule 3 - Plans and Specifications: Unit floor plans, layout, and specifications (especially for new developments)
4. Schedule 4 - Body Corporate Rules: Management and conduct rules applicable to the sectional title scheme
5. Schedule 5 - Snag List: List of defects to be remedied (if applicable)
6. Schedule 6 - FICA Requirements: List of required FICA documents and compliance requirements
7. Appendix A - Levy Certificate: Current levy statement and clearance certificate from body corporate
8. Appendix B - Compliance Certificates: Electrical, gas, electric fence, and beetle certificates as applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Financial Services
Legal Services
Property Management
Banking
Housing Development
Relevant Teams
Legal
Real Estate
Property Development
Sales
Compliance
Property Management
Conveyancing
Contract Administration
Business Development
Relevant Roles
Property Developer
Real Estate Agent
Conveyancing Attorney
Property Manager
Sales Director
Legal Counsel
Compliance Officer
Property Practitioner
Development Manager
Sales Manager
Contract Manager
Property Broker
Real Estate Investment Manager
Body Corporate Manager
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