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Realty Purchase Agreement
"I need a Realty Purchase Agreement for a residential property in Cape Town, with a purchase price of R2.5 million, subject to the purchaser obtaining mortgage financing, and transfer to be completed by March 2025."
1. Parties: Identification and details of the Seller and Purchaser, including full legal names, identity numbers, and current addresses
2. Background: Context of the transaction and confirmation that the Seller wishes to sell and the Purchaser wishes to purchase the property
3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Transfer Date', 'Purchase Price', etc.
4. Property Description: Detailed description of the property including erf number, physical address, size, and registration division
5. Purchase Price: The agreed purchase price, payment terms, deposit requirements, and guarantee provisions
6. Payment Terms: Detailed breakdown of how and when payments will be made, including deposit, guarantee requirements, and transfer payment arrangements
7. Transfer and Registration: Provisions regarding property transfer, appointment of conveyancer, and registration process
8. Occupation: Date of occupation, occupational rent provisions, and conditions related to possession
9. Compliance Certificates: Requirements for electrical, gas, electric fence, and beetle certificates as required by law
10. Risk and Benefits: Transfer of risk and benefit of the property, insurance requirements until transfer
11. Seller's Warranties: Standard warranties regarding property ownership, encumbrances, and authority to sell
12. Purchaser's Warranties: Warranties regarding financial capability and compliance with FICA requirements
13. Estate Agent: Details of the estate agent and commission arrangements
14. Breach: Consequences and remedies in case of breach by either party
15. Dispute Resolution: Process for resolving disputes between parties
16. General Terms: Standard legal provisions including entire agreement, variation, and governing law clauses
1. Bond Clause: Conditional clause making the sale subject to the Purchaser obtaining mortgage finance - used when buyer requires financing
2. Sale of Purchaser's Property: Conditional clause making the sale subject to the Purchaser selling their existing property - used in contingent sales
3. Sectional Title Provisions: Special provisions applicable to sectional title properties - used only for sectional title units
4. Fixtures and Fittings: Detailed list of items included/excluded from the sale - used when specific items need clarification
5. Occupancy Certificate: Requirements for occupancy certificate - used for newly constructed properties
6. Tenant Provisions: Provisions regarding existing tenants - used when property is currently leased
7. Development Provisions: Special conditions for properties in developments - used for properties within estates or developments
8. SPLUMA Compliance: Spatial Planning Land Use Management Act compliance - used for properties requiring zoning or land use verification
1. Schedule A - Property Description: Detailed technical description of the property including boundaries, diagrams, and zoning information
2. Schedule B - Fixtures and Fittings: Comprehensive list of all fixtures and fittings included in or excluded from the sale
3. Schedule C - Defects List: List of known defects disclosed by the Seller
4. Schedule D - Payment Schedule: Detailed breakdown of payment terms and timelines
5. Appendix 1 - Property Plans: Approved building plans and property diagrams
6. Appendix 2 - Compliance Certificates: Copies of all required compliance certificates
7. Appendix 3 - Body Corporate Rules: For sectional title properties, the applicable body corporate rules
8. Appendix 4 - FICA Requirements: List of required FICA documentation for both parties
Authors
Attorneys
Bank Guarantee
Bond
Body Corporate
Business Day
Cancellation
Certificates of Compliance
Closing Date
Commission
Conveyancer
Date of Occupation
Date of Possession
Date of Transfer
Deeds Office
Deposit
Development
Effective Date
Erf
Estate Agent
FICA
Fixtures and Fittings
Ground Plans
Home Owners Association
Improvements
Interest Rate
Land
Local Authority
Mortgage Bond
Occupational Interest
Occupational Rent
Parties
Property
Purchase Price
Purchaser
Rates and Taxes
Registration
Seller
Sectional Title
Signature Date
SPLUMA Certificate
Transfer
Transfer Costs
Transfer Date
Transfer Duty
Utilities
Voetstoots
Property Description
Purchase Price
Payment Terms
Bond Finance
Transfer and Registration
Possession and Occupation
Statutory Compliance
Property Condition
Risk and Insurance
Municipal Rates and Taxes
Transfer Costs
Agent Commission
Warranties
Defects
Fixtures and Fittings
Compliance Certificates
FICA Compliance
Suspensive Conditions
Due Diligence
Voetstoots
Body Corporate
Development Conditions
Breach
Dispute Resolution
Governing Law
Notices
Force Majeure
Assignment
Entire Agreement
Severability
Good Faith
Variation
Waiver
Costs
Termination
Real Estate
Property Development
Banking and Finance
Legal Services
Insurance
Construction
Property Management
Urban Development
Residential Property
Commercial Property
Agricultural Property
Legal
Real Estate
Compliance
Property Management
Sales
Risk Management
Business Development
Finance
Operations
Document Management
Due Diligence
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Property Developer
Bank Manager
Mortgage Specialist
Property Valuator
Compliance Officer
Legal Counsel
Property Manager
Sales Director
Business Development Manager
Chief Legal Officer
Real Estate Broker
Property Investment Advisor
Risk Manager
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