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CM Advocates > Agreement for Sale of Freehold Land – where the Vendor is a Company and the Purchaser is an Individual – Pro Vendor – Cash Purchase

Agreement for Sale of Freehold Land – where the Vendor is a Company and the Purchaser is an Individual – Pro Vendor – Cash Purchase

Agreement for sale of freehold land – company to individual – cash purchase – pro vendor
This agreement relates sale of land between individuals (natural persons) where the seller/vendor is a company.
The vendor signs through its authorized representative(s) subject to its articles of association.
The constitutional documents of the vendor such as the certificate of incorporation as well as the identification documents of the vendor’s authorized representative(s) form part of the completion documents.
The agreement also relates to the sale of land where the purchase price is payable by the purchaser in cash, that is, no part of it is to be financed.
The purchaser is deemed to purchase the property on a “as is where is” basis.
The agreement does not contain warranties on the part of the vendor, but rather, disclaimers as to the condition or otherwise of the property considering that the purchaser is buying the property on an “as is, where is” basis. Should the purchaser insist on there being warranties, these can be limited to:
1. best knowledge of the vendor;
2. to the execution of the agreement; and
3. in case of breach of the warranties, there being no fault on the part of the purchaser, to damages limited to 10% of the purchase price.

The purchase price is to be paid directly to the vendor. However, in case the purchaser insists on the deposit or any part of the purchase price being paid to the vendor’s advocates to hold on a stake holder basis pending the successful registration of the transfer in favour of the purchaser, the registration period can be capped to say 28 days from the date of receipt of the completion documents by the purchaser’s advocates. Once these days lapse, the agreement can provide that the vendor’s advocates will be at liberty to unconditionally release the purchase price to the vendor without further reference to the purchaser.

The agreement contains the description of the subject property whose tenure is freehold – specifically referred to as absolute or see simple estate. This means that the vendor holds without restrictions as to a defined term in years and payment of rent as in the case of a leasehold tenure.

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