Installment Sale Agreement Immovable Property

Installment Sale Agreement Immovable Property

The seller, at its own expense, shall ensure that accessible portions of the land are examined by a contractor who is a member of the South African Pest Control Association for the infestation of declared beetles and the replacement of infested wood with properly treated wood. Thereafter, the seller assumes no other responsibility in this regard. The Seller shall make available to the Promoters a security certificate issued by the Holder, which may not mature before the date of signature of this Agreement. The NCA contains specific provisions on “fixed-rate agreements”, but only with regard to movable property. Immovable property generally fall within the scope of the CAS by applying the mortgage provisions. Where the property falls under the jurisdiction of the City of Cape Town, the seller must submit at his own expense a certificate from an accredited plumber to the City of Cape Town attesting that the water supply to the land complies with the requirements of Section 14 of the City of Cape Town: Water By-Law, 2010, i.e. (a) that the water installation complies with national building rules; (b) there are no defects that could lead to the generation of waste by water; (c) records of water meters; and (d) there is no rainwater flow into the sewers. This certificate must be collected and presented to the municipality before the transfer is registered. Finally, I recommend that you do not implement the ALA agreement without the support of your lawyer. It is possible for the seller to register a loan on the immovable property against which the contract was concluded, provided that the clause classifying the obligation refers to the contract; Payments made under a contract concluded under the law are only due or payable by the buyer when the contract with the Registrar of Deeds has been registered.

The Act provides for other requirements for entering into a current contract of sale, but for the purposes of this section, the focus is on the date on which payment is due and payable under the contract. The real estate market has changed and will do so for some time to come. Our ability to adapt to these changes will determine the extent of our achievements in the future. When the property is rented, the seller must present to the buyer, within thirty days of signing the contract, a certificate issued by the bondholder, which reflects the total amount of the compensation, including interest, and the applicable interest rate; the property must be used primarily for residential purposes and agricultural land is specifically excluded; 4.2 If the seller is a business and the property sold represents most or all of the seller`s assets, the sale of the property to the buyer is authorized by a special decision of the seller`s shareholders, in accordance with section 115 of the Companies Act 2008, and the seller has met all other requirements of section 115 of this Act. . . .