The Agreement For Sale Of Leasehold Property is a crucial legal document used in South African property transactions where the subject matter is a leasehold interest rather than freehold ownership. This type of agreement is particularly relevant in situations involving long-term leases, sectional title properties, or properties on leased land. The document must comply with the Alienation of Land Act 68 of 1981 and other relevant South African property legislation, including the Deeds Registries Act. It contains essential elements such as party details, property description, purchase price, payment terms, transfer procedures, warranties, and specific provisions relating to the leasehold nature of the property. The agreement serves to protect both parties' interests and ensures clear documentation of the transaction for registration purposes at the Deeds Office.
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1. Parties: Full identification of the Seller and Purchaser, including registration/ID numbers and addresses
2. Background: Context of the transaction, including brief description of the property and existing leasehold interest
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Sale: The core agreement to sell and purchase the leasehold interest
5. Purchase Price: The amount, payment terms, and method of payment
6. Property Description: Detailed description of the property and the nature of the leasehold interest being sold
7. Conditions Precedent: Any conditions that must be fulfilled before the agreement becomes fully effective
8. Transfer and Registration: Process and timing for transfer of the leasehold interest
9. Possession and Risk: When possession will be given and when risk passes to the purchaser
10. Warranties and Representations: Warranties given by both parties regarding the property and their capacity to enter into the agreement
11. Costs and Transfer Duty: Allocation of transaction costs and responsibility for transfer duty
12. Breach and Termination: Consequences of breach and termination provisions
13. Notices and Domicilia: How and where notices must be delivered to parties
14. General Terms: Standard contractual provisions including whole agreement, variation, and governing law
15. Signatures: Execution clause and signature blocks for all parties
1. Existing Tenants: Required if there are current tenants occupying the property, detailing their rights and obligations
2. Property Condition: Detailed section about the condition of the property, used when selling property 'voetstoots' or with specific condition warranties
3. Development Rights: Include when there are specific development rights or restrictions attached to the leasehold
4. Mortgage Bond: Required if the purchase is subject to the purchaser obtaining mortgage finance
5. Agent Commission: Include if a property agent is involved in the transaction
6. Improvements: Required if there are existing improvements or planned improvements to be addressed
7. Special Conditions: Any unique terms specific to this transaction
1. Schedule A - Property Description: Detailed legal description of the property including diagram and title deed details
2. Schedule B - Lease Details: Full details of the existing lease agreement including term, rental, and conditions
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Schedule D - Property Inventory: List of fixtures, fittings and other items included in the sale
5. Appendix 1 - Property Plans: Building plans, site plans, and zoning certificates
6. Appendix 2 - Compliance Certificates: Copies of required compliance certificates
7. Appendix 3 - Existing Lease Agreements: Copies of any existing lease agreements affecting the property
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