
1. Concluding an agreement of sale for the purchase of a property can be a daunting task. Not to mention that you don’t always know what should be included in a sale agreement. It is then up to you to rely on the expertise of a qualified attorney and Conveyancer. After the fact, parties may get involved in disputes regarding the sale agreement not knowing that the situation could have been prevented if only the terms had been clearly stated in the sale agreement.
2. Here are our 3 must-haves for a general property sale agreement to avoid legal disputes.
3. (1) Be sure to negotiate the occupation date in your agreement.
This will avoid the tricky situation of a Seller not being able to move out of the property once the matter has registered and the Purchaser needing a property to move into. As a party to the agreement, you can include a clause to stipulate the occupation. Not only will this ensure that the process is streamlined but it will also manage a situation where you do not have to pay additional occupational interest and storage fees because the registration and occupation dates are not aligned.
4. (2) Familiarize yourself with the property that you are purchasing and stipulate any fixtures and fittings that need to remain in the property. This is important as you may end up believing that certain items are part of the property but actually the Seller will be taking those items with them when they vacate the property.
5. (3) Make sure that you check all of the dates in the agreement – deposit due dates, bond due dates ano payment of Conveyancing Fees. This not only manages expectations and cash flow on your part but also ensures that there are no legal implications for the late or non-payment of fees that a Purchaser is obliged to pay in terms of the agreement.
6. Contact us for assistance with drafting your Sale Agreement
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