SaleofLandonInstalmentsSaleAgreement.docx
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SaleofLandonInstalmentsSaleAgreement.docx
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SaleofLandonInstalmentsSaleAgreement
Disclaimer
ThisprecedentisgiventoMembersingoodfaithandsubjecttoadisclaimerconcerninganypossibledamagesorlosssufferedbymembersortheirclients.
CONTRACTINTERMSOFTHEALIENATIONOFLANDACTOF1981ANDTHENATIONALCREDITACTOF2005
SALEAGREEMENT
between
(“theSeller”)
and
(“thePurchaser”)
SCHEDULE
A.
NameofSeller
B.
Seller'sContactDetails
(a)Residential/BusinessAddress(Physical)
(b)DomiciliumAddress(Physical)
(c)PostalAddress
(d)TelefaxNo.
()
(e)TelephoneNo.
()
(f)EmailAddress
C.
IstheSelleraresidentoftheRepublicofSouthAfricaforIncomeTaxpurposes?
D.
NameandAddressoftheOwner(ifnottheSeller)
E.
NameofPurchaser
F.
Purchaser'sContactDetails
(a)Residential/RegisteredAddress(Physical)
(b)DomiciliumAddress(Physical)
(c)PostalAddress
(d)TelefaxNo.
()
(e)TelephoneNo.
()
(f)EmailAddress
G.MaritalStatusofPurchaser
H.NameandIdentityNumberofPurchaser'sSpouse(ifmarriedincommunityofproperty)
I.DescriptionofPropertyandExtentaspertitledeed
J.PhysicalAddressofProperty
K.ExistingMortgageBondsovertheProperty
(a)
NameofMortgagee/Bank
(b)Mortgagee'saddressandcontactdetails
(c)LoanAccountNumber
(d)MortgageBondNumber
(e)AmountofBond
L.AnticipatedOccupationDate
M.PurchasePriceR
Comment[SF1]:
Thisshouldbe
N.Payment
(a)
DepositR
(b)FurtherDepositR
greaterthanthesumoftheEstateAgent'scommissionandthewithholdingtax(ifapplicable)
(c)AmountofEach
R
Instalment
(d)DueDateofFirstInstalment
(e)DueDateof
SubsequentdayofeachmonthInstalments
(f)
CommencingInterestRateOutstandingBalance
on
%perannum
(g)
DatebyWhichthebalanceofthepurchasepriceistobepaid("RepaymentDate")
O.
Seller'sBankAccountDetails(forpaymentofInstalments)
P.
NameandAddressofEstateAgent
Q.
NameofBroker
R.
EstimatedTransferDutytobePaidbyPurchaser(ifapplicable)
R
S.
EstimatedAmountofAnnualRates
T.
EstimatedAmountofmonthlyLevies(ifapplicable)
U.
SpecialConditions
CONTENTS
PageNo
Definitions7
Sale10
PurchaserasTrusteeforaCompanyorCloseCorporationtobeformed10
Resolutions11
OwnershipofthePropertyandMortgageBonds11
FixturesandFittings15
Voetstoots15
TitleDeeds16
Beacons16
ElectricalClearanceCertificate16
PestControlCertificate17
Warranties17
PurchasePrice11
PlaceofPayment14
WithholdingTax14
Agent18
RightsofthePurchaser19
ObligationsofthePurchaser20
StatementbyPurchaser20
JointandSeveral21
RightofTerminationbythePurchaser22
CreditBureaux23
ContactDetails23
Destruction24
RecordingofContract24
PossessionandOccupation25
Insurance26
StatementsofAccount27
MaintenanceofProperty27
Transfer27
Loan29
Costs30
Section28oftheALA31
DebtCounsellor32
DisputeResolution33
SpecialConditions33
Breach33
Domicilia36
Jurisdiction37
Conflict37
Severability37
Variations38
Representations38
Indulgences38
CONDITIONSOFSALE(FREEHOLD)
1.
Definitions
Unlessinconsistentwiththecontext,thefollowingexpressionsshallhavethemeaningssetforthagainstthem,namely:
"theALA"meanstheAlienationofLandActNo.68of1981,asamended,andtheRegulationspublishedintermsthereof.
"BusinessDay"meansadayotherthanaSaturday,Sundayorapublicholiday.
"Contract"meanstheseConditionsofSaleandtheScheduleprefixedhereto.
"Conveyancers"means,E-mail:
Telephone:
.
"Conveyancers'TrustAccount"means:
Bank:
Branch(andbranchcode):
AccountName:
AccountNumber:
Confirmationofpaymenttobefaxedto.
“DateofOccupation”meansthedateinSectionLoftheSchedule.
“DateofRecording”meansthedatetheContractisrecordedintheDeedsOfficeagainstthetitledeedsoftheSeller.
"DateofSignature"meansthelastdateofsignatureheretobyoneofthepartieshereto.
“DateofTransfer”meansthedateuponwhichregistrationoftransferofthePropertyintothenameofthePurchaserisregisteredintheDeedsOffice.
"Day"meansacalendarday.
“ElectricalInstallationRegulations”meanstheRegulationspublishedfromtimetotimeintermsoftheMachineryandOccupationalSafetyActNo.6of1983.
“FICA”meanstheFinancialIntelligenceCentreActNo.38of2001.
“Loan”meansaloanarrangedbytheSellerforthePurchaserintermsofsection15
(2)oftheALAwhichwillenablethePurchasertotaketransferoftheProperty.
“Municipality”meansthemunicipalityoftheareainwhichthePropertyissituate.
“NCA”meanstheNationalCreditActNo.34of2005,asamended,togetherwiththeregulationsandnoticespromulgatedfromtimetotimeintermsthereof.
"OfferLetterandQuotation"meanstheOfferLetterandQuotationissuedbytheSellertothePurchaserintermsofSection92oftheNCAdatedtheandacceptedbythePurchaseronthe
acopyofwhichisprefixedhereto.
"OwneroftheProperty"meanstheSellerunlesstheSellerisanintermediary.
“Property”meanstheimmovablepropertytogetherwithallimprovementsthereondescribedinSectionIoftheScheduleandsituateatthephysicaladdressinSectionJoftheSchedule.
"Purchaser"meansthepartyreferredtoinsectionEoftheSchedule,whoseresidential/businessaddressisdescribedinsectionF(a)oftheSchedule.
"RepaymentDate"meansthedaterecordedinsectionN(g)oftheSchedule,namelythedateonwhichthePurchaserisobligedormaybecompelledtotaketransferofthePropertyagainstsimultaneouspaymentofallamountsowedbythePurchaserintermsofthisContract.
Comment[SF2]:
ALAsection6
(1)(s)
"SARS"meanstheSouthAfricanRevenueService.
"SavingsAccount”meansacorporatesaveraccountwith
.
"Schedule"meansthescheduleprefixedtotheseConditionsofSale.
"Seller"meansthepartyreferredtoinsectionAoftheSchedule,whoseresidentialorbusinessaddressisdescribedinsectionB(a)oftheSchedule.
“Seller’sBankAccount”meansthebankaccountdescribedinSectionOoftheSchedule.
“VAT”meansValueAddedTaxinaccordancewiththeprovisionsoftheValueAddedTaxActof1991.
2.
Sale
TheSellerherebysellstothePurchaserwhoherebypurchasestheProperty.
3.
PurchaserasTrusteeforaCompanyorCloseCorporationtobeformed
Comment[SF3]:
optional
ShouldthePurchasersignthisContractastrusteeforacompanyorclosecorporationtobeformed,thePurchaseragreesandundertakesbythePurchaser’ssignaturehereof,inthePurchaser’spersonalcapacity:
Toeffectregistrationofthecompany(whichshallcontainasoneofitsobjectstheadoptionandratificationofthisContract)orclosecorporationwithinthirty(30)daysoftheDateofSignature.
Toobtaintheadoptionandratification,asthecasemaybe,bythecompanyorclosecorporationofthisContractnotlaterthanseven(7)daysafterthedateofincorporationorregistrationasthecasemaybe.
Thatshouldregistrationofthecompanyorclosecorporationnotbeeffectedwithintheperiodofthirty(30)daysaforesaid,orshouldthecompanyorclosecorporationwhensoregisteredfailtoadoptandratifythisContractwithinthefurtherperiodofseven(7)daysaforesaid,orshouldthecompanyorclosecorporationfailinanywaywhatevertoimplementthetermsofthisContract,thenthePurchaserinthePurchaser’spersonalcapacitywillbeliableasPurchaserasifthisContractweremadewiththePurchaserinthePurchaser'spersonalcapacity.
4.
Resolutions
Comment[SF4]:
optional
PersonssigningthisContractonbehalfofanyofthepartiesheretowarrantthattheyareauthorisedinwritingtosignonbehalfoftheirprincipals.
Ifapplicable,thesaleofthePropertytothePurchaserwillbeauthorisedbyaspecialresolutionoftheshareholdersoftheSellertobepassedandregisteredwiththeRegistrarofCompaniesintermsofSection228oftheCompaniesActof1973.
5.
OwnershipofthePropertyandMortgageBonds
ThePropertyisregisteredinthenameoftheSeller.
Thereis/aremortgagebond/sregisteredovertheProperty,namely:
(a)MortgagebondNo.Bwhoseaddressis
infavourof
6.
PurchasePrice
ThepurchasepriceofthePropertyisthesumreferredtoinSectionMoftheScheduleinclusiveofVAT(ifapplicable),whichshallbepayableinthefollowingmanner:
AcashdepositinthesumreferredtoinSectionN(a)oftheScheduleshallbepayableintotheConveyancers'TrustAccountwithinseven(7)daysoftheDateofSignature,tobeheldintrustbytheConveyancers
whoareauthorisedtoinvestsuchsuminaSavingsAccount,theinteresttoaccruetothePurchaser,untiltheDateofRecording.
ShouldafurtherdepositbepayableasrecordedinSectionN(b),thatdepositshallbedealtwithinthesamemannerasinclause6.1.
ThebalanceofthepurchasepricetogetherwiththeinterestthereonshallbepayableinthemonthlyinstalmentsrecordedinSectionN(c)oftheSchedule,thefirstinstalmenttobepaidonorbeforethedatereflectedinSectionN(d)oftheScheduleandsubsequentinstalmentstobepaidonthedayofeachandeverysucceedingmonthspecifiedinSectionN(e)oftheSchedule.Thetotalinstalmentspayableduringanyofthesuccessiveperiodsoftwelve(12)monthsfollowingthe
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