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Cancellation Of Sale Agreement Of Property

Cancellation Of Sale Agreement Of Property Template for Switzerland

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Key Requirements PROMPT example:

Cancellation Of Sale Agreement Of Property

"I need a Cancellation of Sale Agreement of Property under Swiss law for a residential property sale that needs to be cancelled by mutual agreement due to the buyer's inability to secure mortgage financing, with the original purchase agreement dated January 15, 2025."

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Document background
The Cancellation Of Sale Agreement Of Property is a crucial document used in Swiss real estate transactions when parties need to formally terminate a previously agreed property sale. This document becomes necessary in various situations, such as when conditions precedent aren't met, mutual agreement to terminate, or when legal grounds for cancellation arise. It must strictly comply with Swiss federal law, including the Swiss Civil Code (ZGB) and Code of Obligations (OR), as well as specific cantonal requirements for property transactions. The agreement typically includes comprehensive provisions for unwinding the transaction, handling financial settlements, addressing land registry requirements, and ensuring proper documentation for all authorities involved. It's particularly important in Switzerland due to the strict formal requirements for real estate transactions and the need for official registration of property ownership changes.
Suggested Sections

1. Parties: Identification of all parties involved in the cancellation, including the original seller and purchaser

2. Background: Details of the original sale agreement, including date of execution, property details, and brief context for the cancellation

3. Definitions: Definitions of key terms used throughout the agreement

4. Cancellation Agreement: Mutual agreement to cancel the original sale agreement and release parties from their obligations

5. Property Details: Complete description of the property subject to cancellation, including land registry details

6. Financial Settlement: Terms for the refund of purchase price, deposits, and handling of any costs incurred

7. Return of Documents: Provisions for the return of all property-related documents and title deeds

8. Land Registry Requirements: Specific actions required regarding the land registry and property registration

9. Mutual Release: Mutual release from claims and obligations under the original agreement

10. Costs: Allocation of costs related to the cancellation, including legal and registration fees

11. Governing Law: Confirmation of Swiss law as governing law and relevant canton jurisdiction

12. Execution: Signature requirements and execution formalities

Optional Sections

1. Broker Fees: Handling of any real estate broker fees - include when brokers were involved in the original transaction

2. Third Party Rights: Addressing rights of third parties (e.g., mortgage lenders) - include when third party interests exist

3. Tax Implications: Specific provisions regarding tax consequences - include when significant tax implications need to be addressed

4. Improvements: Handling of any improvements made to the property - include when buyer has made modifications

5. Lex Koller Provisions: Special provisions for foreign buyers - include when one party is a foreign national

6. Dispute Resolution: Detailed dispute resolution procedures - include when parties want specific conflict resolution mechanisms

Suggested Schedules

1. Original Sale Agreement: Copy of the original sale agreement being cancelled

2. Property Documentation: Current land registry extract and property plans

3. Financial Statement: Detailed breakdown of all financial settlements, including payments made and refunds due

4. Outstanding Obligations: List of any outstanding obligations and how they will be handled

5. Execution Requirements: Specific cantonal requirements for notarization and registration

6. Timeline: Schedule of actions and deadlines for completing the cancellation process

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Original Sale Agreement
Property
Land Registry
Cancellation Date
Completion Date
Purchase Price
Deposit
Refund Amount
Seller
Purchaser
Effective Date
Parties
Notarial Deed
Settlement Sum
Original Purchase Documents
Cantonal Requirements
Land Register Extract
Encumbrances
Registration Costs
Property Title
Transfer Deed
Release Date
Outstanding Obligations
Completion Requirements
Business Day
Force Majeure
Grundbuch
Notice
Warranties
Existing Charges
Settlement Statement
Execution Date
Legal Costs
Termination Obligations
Clauses
Parties
Recitals
Definitions
Interpretation
Cancellation Agreement
Property Description
Purchase Price Refund
Deposit Return
Land Registry Requirements
Mutual Release
Representations and Warranties
Costs and Expenses
Tax Implications
Further Assurance
Notices
Confidentiality
Force Majeure
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Jurisdiction
Execution
Third Party Rights
Indemnification
Time of Essence
Waiver
Counterparts
Registration Requirements
Property Return
Document Return
Financial Settlement
Broker Fees
Legal Compliance
Relevant Industries

Real Estate

Legal Services

Banking & Finance

Property Development

Construction

Property Management

Professional Services

Public Administration

Notarial Services

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Contract Administration

Risk Management

Corporate Affairs

Investment

Operations

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Notary Public

Real Estate Agent

Property Developer

Compliance Officer

Contract Manager

Real Estate Transaction Manager

Property Rights Specialist

Land Registry Officer

Real Estate Investment Manager

Corporate Counsel

Title Insurance Specialist

Real Estate Portfolio Manager

Industries
Swiss Civil Code (ZGB) Art. 657-665: Provisions regarding property ownership transfer and registration in the land registry (Grundbuch). Any cancellation must comply with these formal requirements.
Swiss Code of Obligations (OR) Art. 216-221: Specific provisions regarding the sale of immovable property, including formal requirements for the contract and its modification or cancellation.
Swiss Code of Obligations (OR) Art. 23-31: Provisions regarding defects in contract formation that might justify cancellation (such as error, fraud, or duress).
Federal Act on the Acquisition of Real Estate by Persons Abroad (Lex Koller): If one party is a foreign national, considerations under this act must be addressed in the cancellation agreement.
Cantonal Property Transfer Laws: Local regulations governing property transfers and their cancellation, including specific formal requirements and tax implications.
Swiss Civil Code (ZGB) Art. 942-977: Regulations regarding the land registry system and the process of modifying registered property rights.
Swiss Code of Obligations (OR) Art. 109-115: General provisions regarding the termination of contracts and its consequences, including restitution obligations.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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