The Contract Of Purchase And Sale For Commercial (Real Estate) is a crucial legal document used in South African property transactions when transferring ownership of commercial real estate from a seller to a purchaser. This agreement is essential for any business property transaction in South Africa and must comply with specific local legislation, including the Alienation of Land Act 68 of 1981 and the Deeds Registries Act 47 of 1937. The document covers all aspects of the property transfer, from initial sale agreement to final registration, including purchase price, payment terms, transfer procedures, and both parties' rights and obligations. It's designed to protect both parties' interests while ensuring smooth property transfer in accordance with South African commercial property law.
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1. Parties: Identification of the Seller and Purchaser with full legal details as required by FICA
2. Background: Context of the transaction and brief description of the property and intended sale
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Property Description: Detailed description of the property including erf number, title deed details, and physical address
5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements
6. Payment Terms: Details of how and when payments will be made, including deposit arrangements and securing of funds
7. Conditions Precedent: Essential conditions that must be met before the agreement becomes fully binding
8. Transfer and Registration: Process and obligations regarding property transfer and registration at the Deeds Office
9. Possession and Risk: Date of possession and transfer of risk to the purchaser
10. Warranties and Representations: Standard warranties by both parties regarding the property and their capacity to contract
11. Property Condition: Current condition of the property and any agreed repairs or improvements
12. Costs and Transfer Duties: Allocation of transfer costs, duties, and other transaction-related expenses
13. Breach and Termination: Consequences of breach and termination provisions
14. Notices and Domicilia: Communication methods and official addresses for legal notices
15. General Terms: Standard legal provisions including whole agreement, variation, and governing law
16. Signature: Execution provisions and signature requirements
1. Tenant Rights and Obligations: Required if the property is currently leased to tenants, detailing their rights and impact on the sale
2. VAT Provisions: Required if the transaction is subject to VAT instead of transfer duty
3. Environmental Warranties: Required for properties with potential environmental concerns or compliance requirements
4. Development Rights: Include when the property has unused development rights or pending applications
5. Asset Register: Required when the sale includes movable assets or fixtures
6. Property Management: Include when there are ongoing management contracts or body corporate arrangements
7. Due Diligence: Required for complex commercial properties requiring detailed investigation periods
8. Zoning and Use: Include when specific zoning requirements or use restrictions are critical to the transaction
1. Property Details Schedule: Detailed technical description of the property including diagrams and surveys
2. Financial Schedule: Breakdown of purchase price, payment terms, and financial obligations
3. Movable Assets Schedule: List of included movable assets and their conditions
4. Tenant Schedule: Details of existing lease agreements and tenant information
5. Compliance Certificates: List of required compliance certificates and their status
6. Outstanding Maintenance Schedule: List of agreed repairs or maintenance to be completed
7. Property Plans Appendix: Approved building plans and property layouts
8. Due Diligence Checklist: Checklist of required investigations and their outcomes
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