Agreement of Sale of Immovable Property

AGREEMENT OF SALE OF IMMOVABLE PROPERTY
Between:__________________________________________________(the seller)
And______________________________________________________(the purchaser)
In respect of the property
FULL TITLE
ERFNO: ________IN THE TOWNSHIP OF __________________________________
STREET ADDRESS
___________________________________________________________________________
_____________________________________________________________
SECTIONAL TITLE
SCHEME NAME______________________________________________________________
Unit No:_________________________________________________________________
Erf No:_________________________________________________________________
Suburb:______________________________________________________________
(The Property)
1.
SALE
The seller hereby sells to the purchaser in the condition and to the extent as it now lies
voetstoots as is (at the date of signature hereof), together with all buildings and all fixtures and
fittings and subject to the conditions and servitudes contained in the title deeds of the
PROPERTY, as the property stands on the date this agreement is concluded with all visible
and invisible defects applicable to such property and of which the SELLER is aware at the time
of this sale being concluded.
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2.
PURCHASE PRICE
The purchase price is R_________________________________________________
(_________________________________________________) payable as follows:
2.1
A cash deposit on acceptance of this offer R _________________________(
_________________________________________) to be deposited with the conveyancer
and held by them in trust pending registration of transfer.
2.2
The balance of the purchase price R_______________________________________
(__________________________________________) payable on registration of transfer of the
property into the name of the Purchaser, to be secured by bankers/or other approved
guarantee(s) acceptable to the transferring attorney to be delivered within
____(________________) days of acceptance of this offer.
3.
SUSPENSIVE CONDITIONS
3.1
This offer is made subject to the suspensive condition that the purchaser or the agent or a
bond originator on behalf of the purchaser obtain a loan or loans to be secured by a bond or
bonds totalling:
R ___________________________________________________________________
within________ ( ___________________________ ) days from the date of acceptance of this
offer at prevailing bank rates and conditions be arranged for the Purchaser by the Seller, the
Agent, or the Purchaser. The Purchaser guarantees that, should it be a condition of granting
of such bond or bonds that another person is to sign as surety, that such person will sign such
surety.
3.2
The purchaser acknowledges that it is a material term of this sale that he / she / it signs and
submits all documentation necessary to make application for the mortgage bond in fulfilment
hereof. Failure to do so will constitute a breach of contract and shall have the effect of this
clause being fictionally fulfilled. The purchaser warrants that he / she / it is aware of and
understands the requirements of banking institutions regarding eligibility for credit and loans
based on income, credit standing and other requirements and hereby warrants that to the best
of his / her / its knowledge and belief he / she / it is eligible for a loan in the amount stated
above and further warrants that no facts or circumstances presently exist which will have the
effect of his / her / its application for a loan being refused or the loan being withdrawn before
transfer.
3.3
This suspensive condition shall be deemed to have been fulfilled as soon as a Bank or
mortgagee has issued a quotation and pre-agreement statement in favour of the purchaser by
the Bank or mortgagee concerned, irrespective of any binding loan agreement between the
purchaser and the mortgagee.
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3.4
Should this or any other suspensive condition not be fulfilled this sale shall lapse and be of no
force or effect and the deposit together with interest shall be refunded to the purchaser.
4.
FIXTURES
The property includes the following: All fixtures and fittings of a permanent nature, electric light
fittings, stove, and TV and dstv antennas, pelmets and curtain rails, blinds and awnings, pool
equipment and kreepy crawley, as well as:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5.
OCCUPATION AND POSSESSION
Possession
and
vacant
occupation
is
given
to
the
Purchaser
on:
_____________________________ from which said date all the benefits and risks of
ownership of the property shall be given to the Purchaser. Should date of occupation not
coincide with the date of registration of transfer, the party enjoying occupation of the property
whilst registered in the name of the other party, shall pay to the other party a rental of:
R__________________ before or on the first day of each month for occupational rent. If
registration takes place during a month and occupational rent has been paid in advance, the
party who has received the occupational rent shall refund the other party his pro-rata share
(calculated on a daily base).
6.
RATES AND TAXES
The Seller shall be liable for the payment of rates and taxes until date of registration, where
after the Purchaser will be liable for the payment of rates and taxes.
7.
VOETSTOOTS
The property is sold “voetstoots” as it is and the Seller does not give any guarantee in respect
of the buildings or any other improvements on the property and the Seller shall not be kept
liable for any defects in the property whether latent or patent. The property is further sold
subject to all the conditions and servitudes mentioned in the Title Deed with which the
Purchaser declares himself to be fully acquainted with. The Seller shall further not be liable for
any deficiency in extent, which may be revealed on any re-survey, nor shall the Seller benefit
to any possible surplus.
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8.
TRANSFER AND COSTS
8.1
Transfer shall be effected by the seller's conveyancers namely ETIENNE BEDEKER INC
.(012)365 3412 083 268 0357 The purchaser shall be liable for and shall pay all costs in
connection therewith, including but not limited to transfer duty or VAT (whichever is
applicable), the costs of transfer and, if applicable, bond costs together with all incidental
disbursements necessary to effect registration, all of which costs and duties shall be payable
to the seller's conveyancers immediately upon demand. The purchaser undertakes, on
demand, to sign all documents and do all things necessary to fulfil the terms of this agreement.
Such signature and payment shall be effected at the offices of the seller's conveyancers within
2 (two) days of such demand.
8.2
All benefits and risk in and to the property shall pass to the purchaser on transfer.
9.
REPRESENTATIONS AND CONCESSIONS
9.1
The Seller is not bound to, any representation made, other than those contained herein, except
if such representations is in writing and signed by both parties.
9.2
No concessions or extension of time granted by the Seller to the Purchaser will have any effect
on the condition of this Agreement, or prejudice the Seller’s rights hereunder, except if it is in
writing and signed by both parties.
9.3
The Purchaser confirms that he is fully aware of all the relevant facts which may have an
influence on the conclusion of this contract and that the Seller will not be held responsible for
any oversight to disclose any further particulars within his knowledge.
10.
JOINT LIABILITY
In the event of there being more than one Purchaser, they will be jointly and severally liable for
all obligations in terms hereof.
11.
POSITION AND EXTENT OF PROPERTY
The Seller shall not be required to indicate to the purchaser the position of beacons or pegs on
the property and / or boundaries thereof nor shall the seller be liable for the cost of locating
same.
The Seller does not warrant the extent of the property and shall not be liable for any deficiency
which may be revealed on any survey or re-survey, nor shall the seller benefit from any
excess.
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12.
SALE OF OTHER PROPERTY
12.1
This offer is subject to, and conditional upon, the sale of the Purchaser’s Property situated at:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___
“the other Property” by no later than
____________/__________/201__ or such extended
period as the Seller, in his/her sole discretion, may allow by notice in writing to the Purchaser.
It is specifically recorded that this suspensive condition shall not be regarded as having been
fulfilled until all suspensive conditions to which that sale is in turn subject to, are fulfilled. The
Purchaser agrees that transfer of the other Property will take place simultaneously with or prior
to the transfer of the Property. This condition is for the benefit of the Purchaser who may
unilaterally waive compliance therewith, in writing.
12.2
The Seller may continue to market the property until such time as the other Property is sold
and/or the suspensive condition relating to the sale of the other Property have been fulfilled.
Should the Seller during this time, receive a bona fide offer “the competing offer” to purchase
the Property, he/she will have the right to call upon the Purchaser by notice in writing, to waive
all the suspensive conditions to which this agreement is subject to, thereby making this
agreement unconditional, within ______ (___________) days of the date when such notice is
delivered to the Purchaser (“the waiver period”). Such notice shall include a copy of the
competing offer. If the Purchaser fails to waive the suspensive conditions in writing within the
waiver period, the Seller shall be entitled, but not obliged, to accept the competing offer, upon
which acceptance this agreement shall lapse and be of no further force or effect.
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CAPACITY OF PARTIES
13.1 If this agreement is concluded by a person acting as an agent or trustee, or by any other
means on behalf of a company/close corporation still to be registered, this person will be
referred to as “the Trustee”.
13.2 The company/close corporation on behalf of which the Trustee is acting, is to be registered
within 7 (seven) days, after arrangements for the bond referred to in clause 3 has been made,
or in the event where no provision has been made, the company/close corporation is to be
registered within 21 (twenty one) days after acceptance of this offer. The company/close
corporation must accept and ratify this agreement without alterations within 7 (seven) days
after such registration and must inform the Seller accordingly, in writing and must also disclose
the registration number and submit a certified copy of the relevant resolution within a further 7
(seven) days thereafter.
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13.3 In the event of the Company/Close Corporation failing to comply with any of the
abovementioned conditions, or the Company/Close Corporation not being duly registered, The
Trustee will be deemed the Purchaser in his personal capacity.
13.4
In the event of complying with the conditions contained in clause 14.2, the Company/Close
corporation will be deemed the Purchaser, and the Trustee, by his signature hereon will be
committed as surety and co-principal debtor with the Purchaser
for
the
strict
and
punctual compliance with each and every obligation in terms hereof and for payment by the
Purchaser of all damages to also bind himself as surety and co-principal debtor for all the
obligations, which the Purchaser will have towards the person, who granted the loan as
referred to in clause 3 above.
13.5
In his personal capacity but with the right to nominate as yet an undisclosed party ("the
nominee") to be the purchaser in terms of this agreement:-
13.6
the purchaser shall be personally liable as purchaser in terms of this agreement unless the
nominee advises the seller or the agent in writing within 1 (one) day after the
date upon
which the seller signed the agreement that such nominee; is the
undisclosed third party
for whom the purchaser was acting when he / she / it signed this
agreement;
undertakes
to be bound by all the terms and conditions of this agreement as purchaser in terms
hereof;
14.
AUTHORISATION TO ACT
14.1 In the event of the Seller being a Company/Close Corporation, the person signing this
agreement on behalf of the Seller, hereby guarantees that the Company/Close Corporation
and/or its members authorized this agreement which said agreement will be accepted and
ratified without alterations
14.2 In the event of the property being held by a Company/Close Corporation, the person signing
this agreement,
14.2.1 will be seen, while doing so, as acting on behalf of the company;
14.2.2 and he guarantees on behalf of the Seller, that he is duly authorised hereto and that the
directors, and if lawfully required, an appropriate meeting of the members of the
Company/Close Corporation, has approved this agreement, without alterations, or that same
will be approved and accepted forthwith.
15.
JURISDICTION
The parties consent to the jurisdiction of the Magistrate’s Court for any litigation, which might
directly or indirectly flow from the existence or cancellation of this Agreement or the non-
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fulfilment of obligations contained in this Agreement or from the occupation of the property, but
can any form of adjudication of differences be used at the option of the parties.
16.
BREACH OF CONTRACT
16.1 In the event of the Purchaser failing to fulfill on due date one or more of the conditions of this
Agreement, he (the Seller), shall be entitled to inform the Purchaser in writing by registered
post to remedy such breach within 7 (seven) days of forwarding such notice to the Purchaser
domicilium address as his “present residential address”, which said address is chosen by the
Purchaser as his domicillium citandi et executandi.
16.2 If the Purchaser should persist in his neglect after expiry of said period of time, the Seller will
be entitled to regard this Agreement as cancelled and all monies paid by the Purchaser will be
forfeited as liquidated damages, without prejudice of the Seller’s rights to claim for damages, or
alternatively be entitled to enforce the agreement without prejudice of the Seller’s rights to
claim damages or any other claims.
17.
IMPROVEMENTS
Subject to the conditions of Act 68 of 1981, and in the event of the cancellation of this
Agreement as a result of any breach of contract of the Purchaser, improvements or additions
to the property by the Purchaser, will be forfeited by the Purchaser, without the Purchaser
being entitled to claim for any damages and in the event of the Agreement being cancelled
breach of contract of the Seller, the Purchaser shall have the rights to claim for compensation
for all the improvements or additions incurred by him, notwithstanding same was being done
with or without the consent of the Seller.
18.
DOMICILIUM CITANDI ET EXECUTANDI
The parties choose as their respective domicilium citandi et executandi addresses the
addresses as set out on page 9 and 10 of this agreement as their “present residential
addresses”.
19.
COOLING OFF CLAUSE (for transactions under R250 000.00)
In the event that Section 29A of the Alienation of Land Act (68/1981), applies to this
agreement, the purchaser hereby has the right to revoke this offer or terminate this agreement
by written notice to be delivered to the seller, or his / her / its agent on or before midnight on
the 5th working day following the date of signature of this agreement by the purchaser. Such
notice will have no effect unless it :
a)
is signed by the purchaser or his / her / its agent acting on his / her / its written authority;
b)
refers to this agreement as the offer that is being revoked or terminated, and
c)
is unconditional .
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20.
ELECTRICAL COMPLIANCE CERTIFICATE
The Seller shall, prior to the transfer date, at the Seller’s expense, furnish the Agent with a
valid Certificate of Compliance in respect of any or all electrical installations on the property as
required by the Regulations promulgated under the Machinery and Occupational Safety Act or
any Act passed in substitution thereof. In the event of any repairs being required to be made
to the electrical installation or any part thereof the costs of all such repairs shall be for the
Seller’s account.
21.
GAS CERTIFICATION
The Seller shall, at its expense, deliver to the Purchaser, on or before the transfer or
occupation date, whichever is the earlier, a Certificate of Conformity issued by a authorised
person as defined in the Pressure Equipment Regulations 2009 made by the Minister of
Labour under section 43 of the Occupational Health and Safety Act 85 of 1993, to the effect
that the gas installation on the property conforms to the required health and safety standard.
The Seller undertakes not to alter, install or remove the gas installation after issue of the said
Certificate. In so far as the authorised person appointed by the Seller to provide such
Certificate requires corrective work to be carried out as a precondition to the issue of such
Certificate, the Seller will procure such work is carried out at the Seller's cost and expense.
Existing Certificates shall not pre-date the date of acceptance of the Agreement of Sale by
more than 2 (two) years.
22.
OTHER CONDITIONS
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
SIGNED BY THE PURCHASER ON THE _____ DAY OF _____________2014
AT ______________________(Place)
AS WITNESSES
1.
PURCHASER
2.
SPOUSE
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ACCEPTED BY THE SELLER ON THE ___DAY OF___________________________2014
AT _______________________________________________________________ (Place)
AS WITNESSES
1.
SELLER
2.
SPOUSE
10
PURCHASER
FULL NAMES AND
SURNAME
ID NUMBER
FULL NAMES AND
SURNAME OF SPOUSE
ID NUMBER OF
SPOUSE
MARITAL STATUS
DATE OF MARRIAGE
PRESENT
RESIDENTIAL
ADDRESS
PRESENT POSTAL
ADDRESS
FUTURE POSTAL
ADDRESS
TELEPHONE NUMBER
TELEPHONE NUMBER
OF SPOUSE
E-MAIL ADDRESS
(WORK)
(HOME)
(WORK)
(HOME)
The purchaser is aware and he understands that he will have to pay on request the transfer costs
including transfer duty and bond costs, which have been explained to him.
PURCHASER:
WITNESS:
SPOUSE:
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SELLER
FULL NAMES AND
SURNAME
ID NUMBER
FULL NAMES AND
SURNAME OF SPOUSE
ID NUMBER OF
SPOUSE
MARITAL STATUS
DATE OF MARRIAGE
PRESENT
RESIDENTIAL
ADDRESS
PRESENT POSTAL
ADDRESS
FUTURE POSTAL
ADDRESS
TELEPHONE NUMBER
TELEPHONE NUMBER
OF SPOUSE
PRESENT BOND
HOLDER AND BRANCH
ACCOUNT NUMBER
ARE YOU THE
REGISTERED OWNER?
WHERE DO YOU PAY
YOUR LEVY?
TEL NR OF BODY
CORPORATE
E-MAIL ADDRESS
(WORK)
(HOME)
(WORK)
(HOME)