The Real Estate Contract Form is a fundamental legal instrument used in South African property transactions, essential for both residential and commercial property transfers. This document is required whenever immovable property is bought or sold in South Africa, ensuring compliance with the Alienation of Land Act 68 of 1981 and other relevant legislation. The contract form includes mandatory provisions for property description, price, payment terms, and transfer procedures, while allowing flexibility for specific conditions and requirements. It serves as the primary agreement between parties in property transactions, forming the basis for the transfer process and subsequent registration at the Deeds Office.
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1. Parties: Full legal identification of the Seller and Purchaser, including ID/registration numbers and contact details
2. Background: Context of the sale and confirmation that the Seller owns and wishes to sell the property to the Purchaser
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including erf number, physical address, and extent
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Details of how and when payments will be made, including transfer requirements
7. Transfer and Registration: Process and timing for property transfer, appointment of conveyancer
8. Possession and Occupation: Date of occupation, occupational rent terms if applicable
9. Risk and Benefits: Transfer of risk and responsibility for the property
10. Warranties: Standard warranties by both parties regarding the property and sale
11. Voetstoots Clause: Property sold 'as is' clause (subject to CPA requirements)
12. Estate Agent Commission: Details of estate agent commission if applicable
13. Costs: Allocation of transfer costs, legal fees, and other expenses
14. Breach: Consequences and remedies in case of breach by either party
15. Notices and Domicilia: Legal addresses for service of notices
16. General Terms: Standard legal provisions including whole agreement, variation, and governing law
1. Bond Clause: Conditional clause if purchase depends on buyer obtaining mortgage finance
2. Sale of Purchaser's Property: Condition that this sale depends on purchaser selling their existing property
3. Sectional Title Provisions: Special provisions for sectional title properties including body corporate rules
4. Tenant Rights: Provisions regarding existing tenants and lease agreements
5. Swimming Pool/Compliance: Special provisions for swimming pool safety and compliance
6. Development Rights: For properties with development potential or restrictions
7. Foreign Exchange Control: Special provisions for foreign buyers subject to exchange control
8. VAT Provisions: Special VAT clauses for commercial properties or VAT vendors
1. Schedule A - Property Details: Detailed property description, including land survey details and title deed number
2. Schedule B - Fixtures and Fittings: List of all fixtures and fittings included/excluded in the sale
3. Schedule C - Defects List: List of known defects disclosed by the seller
4. Schedule D - Compliance Certificates: List of required compliance certificates and their status
5. Appendix 1 - Property Plans: Approved building plans and property diagrams
6. Appendix 2 - Body Corporate Rules: For sectional title properties, copy of body corporate rules
7. Appendix 3 - Special Conditions: Any special conditions agreed between the parties
8. Appendix 4 - Proof of Payments: Record of deposit and other payments made
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