• Sale of Property

Sale of Property

R380

Contract summary:
This comprehensive sale agreement caters for every kind of property, including homes, plots of land, sectional title units (e.g. a flat) and commercial properties. The agreement ensures that a full and proper description is given of the parties, the property being sold, the price and all of the other terms of the agreement.
Further issues dealt with in the agreement include the date of transfer, early occupation (if required), transfer of benefit and risk in the property, transfer costs, fixtures and fittings, as well as the payment terms, including deposits, payment guarantees and mortgage bond conditions.
In terms of the Alienation of Land Act, a sale of land which is not recorded in writing and signed by both parties has no legal effect. This agreement therefore ensures that you comply with the statutory requirements for a valid sale of land. By recording in detail the unique terms of your sale agreement, you will also avoid any future disputes and uncertainty. This agreement is suitable for use by individuals, as well as by estate agents.
Full details of the contract:
The drafting process utilized for the sale of property agreement includes the following capabilities:
  • All types of residential or commercial properties can be accommodated, including sectional title units and/or free-hold single or multi-storey properties. Ancillary components forming part of sectional title units are also described in full, including exclusive use areas, parking bays, garages, servant’s quarters, storerooms, garden areas, and undivided shares in the common property.
  • The agreement caters for individual owners, or for up to three joint owners selling the property and up to three joint purchasers.
  • Full details of every party signing the agreement are inserted, including full names, identity or passport numbers, addresses and contact numbers.
  • Corporate entities are also catered for, including private and public companies, close corporations, trusts, partnerships, sole proprietorships and registered or unregistered voluntary associations.
  • In the event of a corporate entity being a party to the sale agreement, provision is made for the full identification of the entity’s representative and protection against insolvency or potential insolvency is catered for.
  • The agreement includes exhaustive terms relating to the purchase price and its payment (for both the property and (in the case of a sectional title unit) for any accessory components such as parking bays).
  • Provision is also made for the payment of a deposit, the provisional of financial guarantees, and for the payment of transfer duty, conveyancing fees, mortgage bond registration and cancellation fees, municipal rates and charges, interest, legal costs, taxes, estate agent’s commission (if any) and occupational rental (if applicable).
  • Complete flexibility is given in relation to the date for registration of transfer and, if desired, the date of transfer can be specified with reference to the date of transfer of another property owned by one of the parties.
  • A range of suspensive conditions can be included, including approval of a mortgage bond (on terms that may be specified) and the sale and/or transfer of another property (which can be described in full).
  • The terms on which the purchaser is to be given occupation of the property are addressed, including the date of occupation, consideration for early occupation, the passing of benefit and risk upon occupation and the effects of the agreement lapsing after occupation.
  • Provision for electrical compliance and beetle certificates is included, as is a full range of warranties given by the seller.
  • Ancillary terms include provisions pertaining to fixtures and fittings (and any exclusion thereof), insurance, breach of contract, cooling-off periods (if required by statute), the identification of the parties’ conveyancing attorneys, and more.
The contents and terms of each sale of property agreement are dependent on the responses given during the online interview process. As a result, the above list constitutes a broad overview of the issues typically addressed in the document and is not intended to be comprehensive.