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					YAMANI PROP / AGR LAND 23-2-05




                          SALE OF LAND AGREEMENT

                                            between



                 CROWNED CORMORANT INVESTMENTS 25 (PTY) LIMITED

             herein represented by
             in his capacity as a shareholder and director of the company, he being duly
             authorised hereto
                                              care of
                                 Calteaux and Partners Attorneys
                                     Calteaux Law Chambers
                                    165 Van Riebeeck Avenue
                                           EDENVALE


                                        (“the SELLER”)


                                              and


         ______________________________________________________________

                                     ("the PURCHASER")

Address : _____________________________________________________________
being the address chosen as his/her domicilium citandi et executandi

Postal address : ________________________________________________________

Telephone : Work _________________________ Home ________________________

Cellular _________________________________ Fax _________________________
                                                                                                 Page 2



IN TERMS WHEREOF THE PARTIES HAVE AGREED AS FOLLOWS :

1   SALE

    The Seller hereby sells to the Purchaser, who hereby purchases the following property, namely :

    Proposed subdivided Portion _______ of ERF 5 BEVERLEY EXTENSION Township, as depicted on
    General Plan S.G. No. 6299/2005 annexed hereto marked "A", measuring ________ square metres,
    subject to the conditions set out below.

2   PURCHASE PRICE

    The purchase price is the sum of R________________(________________________
    _____________________________) inclusive of Value Added Tax and shall be payable as follows:

    2.1   A deposit in the sum of R _________________ (_____________________________
                                                  ) in cash within      days of the date of last signing
          hereof to the seller's attorneys.

    2.2. A further deposit of R ____________________(_________________________________)
         to be paid to the conveyancers on or before ______________________ and to be held by them in
         trust with interest to accrue to the purchaser until transfer.

    2.3   The balance of the purchase price in the amount of R ____________________________
          (___________________________________________) to be paid to the conveyancers or secured
          by a financial institution guarantee acceptable to them within 30 (thirty) days of fulfilment of the
          suspensive conditions contained in clause 7 of the agreement, and payable on registration of
          transfer.

    2.4. The contract price of the pro rata share of the infrastructure to the development scheme comprising,
         inter alia, the external perimeter wall, internal road, guardhouse and gate shall be the sum of
         R_________________ (________________________________________________) inclusive of
         VAT (infrastructure cost), and shall be secured by way of a guarantee in an acceptable form from a
         bank in which it is provided that payment of the infrastructure costs will be payable from time to time
         in terms thereof against the issue of an architect's certificate certifying from time to time the value of
         the completed infrastructure, which guarantee shall be delivered to the Sellers' attorneys within 60
         (SIXTY) days of the date of acceptance hereof by the Seller.


3   INTEREST

    The purchase price shall be free of interest provided that should the purchaser not have paid the full
    purchase price as specified in clause 2.1 and 2.2 and/or delivered guarantees as specified in clause 2.1
    timeously, the purchase price shall bear interest at the rate of 20% (TWENTY PER CENT) per annum
    from such date as it was due to the date on which the purchaser complies with his obligations imposed in
    clause 2 hereof.


4   BUILDING CONTRACT
                                                                                          Page 3



    The purchaser is contractually obliged to conclude a building contract with the seller within a period of 21
    (twenty-one) days from the date of conclusion of this Agreement. Failure to do so will be construed as a
    breach of the purchaser's contractual obligation under this Agreement.


5   POSSESSION AND RISK

    Possession of the property shall be given to the purchaser on date of registration of transfer from which
    date the property will be at his risk and from which date he will be liable for all rates and taxes in respect of
    the property. Any rates and taxes or other Municipal levies paid by the seller for any period in advance of
    the date of registration of transfer shall be refunded to the seller on demand.


6   TRANSFER

    6.1   Transfer of the property shall be effected by the seller's conveyancer, CALTEAUX & PARTNERS.

    6.2   The purchaser shall be liable for all costs of effecting transfer including, inter alia, transfer and
          mortgage bond registration costs, deeds office fees and stamp duty which is payable to the attorneys
          on demand.


7   BREACH OF CONTRACT

    Should the purchaser commit a breach of any condition hereof and persist with such breach for 7 (SEVEN)
    days after receipt of written notice calling upon him to remedy such breach, the seller shall be entitled,
    without prejudice to any other rights which the seller may have at law either:

    7.1   to claim immediate specific performance of any obligation by the purchaser, including payment of the
          full balance of the purchase price and interest, if any;

    7.2   to cancel this agreement and either retain all payments whether by way of deposit or otherwise made
          by the purchaser, as being the amount which the parties record will be compensation for the
          damages suffered by the seller as a result of the purchaser's breach of contract or alternatively and
          in lieu of such penalty, claim all damages suffered by reason of such breach of contract, with the
          right to retain any payments made under this agreement until damages have been determined and to
          apply such payments towards satisfaction of such damages. In such event the purchaser if in
          occupation of the property, shall be obligated to vacate it forthwith.


8   ACKNOWLEDGEMENTS

    The purchaser acknowledges :

    8.1   that he has inspected the property and is satisfied with its condition and location;

    8.2   that the property is being sold to him voetstoots and subject to all conditions contained in or referred
          to in the seller's title deeds;

    8.3   that no person on behalf of the seller or the agent has given him any warranties or has made any
                                                                                           Page 4


          representations save such as may be included herein.

    8.4. that the seller is in the process of procuring a Regulation 38 Certificate from the local authority and
         that transfer of the property to the purchaser cannot proceed until such Regulation 38 Certificate has
         been issued.

9   MISCELLANEOUS

    9.1   Each of the parties respectively selects his address as set out in the heading of this agreement as
          his domicilium citandi et executandi for all purposes arising out of this agreement.

    9.2   Any notice intended for either party shall be in writing and shall be sent to him by registered post
          which shall be deemed to have been received by him 7 (SEVEN) days after the date of posting
          thereof.

    9.3   In this agreement unless the context indicates otherwise:

          9.3.1 words denoting the singular may include the plural and vice versa;

          9.3.2 words denoting any one gender may also include a reference to any other gender;

          9.3.3 a reference to a person may include a reference to a company, a close corporation or any
                association.

    9.4   Until transfer of the property is registered the purchaser shall not have the right to sell or part with his
          rights of ownership in the property without the seller's prior written consent.

    9.5   Should more than one person be the purchaser, the sale shall be to them jointly and their liability for
          the purchase price shall be joint and several. Should the purchaser be a married person her spouse
          by his signature hereto binds himself as surety and co-principal debtor for the fulfilment of all the
          contractual obligations created herein.

    9.6   The purchaser and/or surety for the purchaser hereby consents to the jurisdiction of the Magistrate's
          Court for the purpose of any legal proceedings which may be instituted against him arising out of this
          agreement.

    9.7   Should the person signing as purchaser be married in community of property he or she shall be
          obliged to procure his or her spouse to countersign this agreement as purchaser as soon as
          possible.

    9.8   No relaxation or indulgence which the seller may show to the purchaser shall in any way prejudice
          the seller's rights hereunder and, in particular, acceptance by the seller of any payment after due
          date or (whether on one or more occasions) shall not preclude or stop the seller from exercising any
          rights enjoyed by him hereunder. Unless otherwise stated by the seller in writing, the receipt by the
          seller or his agents of any payment shall in no way whatsoever prejudice or operate as a waiver,
          withdrawal or abandonment of any cancellation or right to cancellation effected or acquired prior to
          such receipt.

    9.9   No variation of this agreement nor any addition thereto nor any alleged cancellation of this
          agreement shall be of any force or effect unless it be in writing signed by both parties.
                                                                                         Page 5


10   HOMEOWNERS ASSOCIATION

     10.1 It is an express condition of this agreement that :

          10.1.1       The purchaser on becoming the registered owner of the property, or a subdivision or
                       consolidation thereof, shall become and shall remain a member of ROSE WOOD HOME
                       OWNERS ASSOCIATION (an association not for gain incorporated under Section 21 of
                       the Companies Act 1973)("the association") and be subject to its memorandum and
                       articles of association until he ceases to be such a registered owner.

          10.1.2 The property shall in no manner whatsoever be alienated or transferred by the purchaser to
                      any person who has not bound himself to become a member of the association.

          10.1.3 The purchaser acknowledges that on becoming the registered owner of the property he shall
                      be bound by the restrictions and benefit from favourable stipulations in the memorandum
                      and articles of association, and further acknowledges that he will require a clearance
                      certificate from the association should he be required to transfer the property to any
                      other person.

          10.1.4 The purchaser hereby undertakes to sign all such documents and to do anything necessary as
                      the seller may reasonably require for the purpose of imposing the aforementioned
                      conditions on the property.

     10.2 The purchaser acknowledges that he is aware that no member of the association may :

          10.2.1 erect any precast concrete garden walls on the land on the property.

          10.2.2 erect any fencing, walling or paving on any land in the cluster development scheme without
                      the prior written approval of the association, which approval shall not be unreasonably
                      withheld, unless the directors of the association are of the opinion that such fencing,
                      walling or paving is inconsistent with or impinges on the aesthetic appearance of the
                      homes, gardens and appurtenances in the scheme.

          10.2.3 install on any building or structure on the property television or radio aerials or solar heating
                       panels which are exposed to view, without the prior written approval of the association.

          10.2.4 without the prior written approval of the association the purchaser shall not make any additions
                      or extensions to the building on the property, or erect upon the property any further
                      building or structure; in particular, but not limited to carports, garages, servant's
                      quarters, storerooms and pergolas, whether of a temporary or permanent nature. Such
                      approval shall not be unreasonably withheld unless the directors of the association are of
                      the opinion that such building or structure is not in keeping with the architectural style of
                      the existing structure on the property or of other buildings in the scheme.

11   RESTRICTIVE CONDITION

     The following restrictive condition shall be registered in the title deeds to the property and constitutes a
     restraint against free alienation by the purchaser of the property :

          "The property shall not be transferred without the consent of the Homeowners Association
          (an Association incorporated under Section 21 of Act 61 of 1973)".
                                                                                    Page 6




12   AGENT'S COMMISSION
     12.1   The purchaser records that he was introduced to the seller through PAM GOLDING ESTATES
            and not through the agency of any other person and warrants that the agent is the sole and only
            effective cause of the sale recorded herein.

     12.2   The seller shall pay the estate agent's commission for the sale of the property to PAM GOLDING
            ESTATES on registration of transfer of the property in the purchaser's name. The contractor
            shall pay the estate agent commission on the building contract as per the Memorandum of Sole
            Agency Agreement reached between PAM GOLDING ESTATES and the developer.



THUS DONE and SIGNED at                               on this              day of                2005


AS WITNESSES :

1.
                                          PURCHASER

2.




THUS DONE and SIGNED at                               on this          day of                 2005


AS WITNESSES :

1.                                        ______________________________
                                          SELLER

2.
                                                                                         Page 7


The Contractor accepts the purchaser's obligation to sign a building contract with it.


THUS DONE and SIGNED at _______________________ on this ________ day of _______________
2005


AS WITNESSES:

1. ____________________                       ______________________________
                                              CONTRACTOR

2. ____________________

				
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Description: Agreements