24
GOLF VILLAS
Dec 2003
AGREEMENT OF SALE
(GOLF VILLAS SECTIONAL TITLE UNIT)
Between:
FESTIVAL BAY TRADING 55 (PROPRIETARY) LIMITED
No. 2003/019904/07
(‘the Seller’)
and
…………………………………………………………….
(‘the Purchaser’)
Sale of UNIT No: ………… BLOCK No: ...... Pinnacle Point
A. SCHEDULE OF INFORMATION & DEFINITIONS
1. DETAILS OF SELLER
Festival Bay Trading 55 (Proprietary) Limited
c/o 1 Pinnacle Point Road, Mossel Bay
2. DETAILS OF PURCHASER
Purchaser’s full name / company name:
Identity Number / Registration Number:
Purchaser’s Marital Status (ANC / COP):Purchaser’s business address:
Code:
Purchaser’s postal address:
Code:Purchaser’s email address:
Purchaser’s Tel. No:
Cell:Business: Home:
Purchaser’s Fax No:
Business: Home:
3. PROPERTY
BLOCK No: UNIT No:
GARAGE No:
And a share in the common Property forming part of the scheme to be apportioned thereto in accordance with the participation quota
(as indicated on Annexures 1 and 2)
4. PURCHASE PRICE
Purchase Price – Unit (VAT exclusive) / RPurchase Price – Garage (VAT exclusive) / R
VAT / R
TOTAL / R
5. PAYMENT OF PURCHASE PRICE
5.1 /Payable on date of signature
/R 10 000.00
5.2 /Balance of Deposit of 10 % of Purchase Price, within 45 days of date of signature
/ R5.3 /
Balance of the purchase price on registration of transfer.
/R
5.4 /VAT on the purchase price
/R
6. MORTGAGE BOND
If the sale is subject to the Purchaser obtaining a mortgage bond as per clause 21 of the terms and conditions:
Mortgage bond amount / RInstitution
If not completed, sale is unconditional and clause 21 of the terms and conditions does not apply.
7. NAME OF SELLING AGENT
8. DEFINITIONS
8.1 “the Act” means the Sectional Titles Act No. 95 of 1986 or any amendment thereof and includes the regulations promulgated thereunder from time to time.
8.2 “Architect’ means LANCE KINNEAR ARCHITECTS or such other architect as may be appointed to act as such from time to time by the Seller in respect of the sectional title scheme to be developed on the Property and includes any member of his firm;
8.3 “the Body Corporate” in relation to the building and land on which such building is situated, means the Body Corporate of such building and created in terms of Section 36(1) of the Act.
8.4 “the Business Day” means any day other than Saturday, Sunday or Public Holiday;
8.5 “the Common Property” means the Property and such parts of the Buildings which do not form part of a Section;
8.6 “the Completion Date” means the date upon which the Unit is sufficiently complete for beneficial occupation as certified by the architect whose decision as to that date shall be final and binding upon the parties;
8.7 “Conveyancer” means
HERBIE OOSTHUIZEN & Associates
71 Montagu Road, MOSSEL BAY, 6500
Tel: 044 – 601 8700
Fax: 044 – 690 4803
E-Mail:
Standard Bank Mossel Bay Branch
Trust account Nr: 082 816 034
Branch Code: 050414
Reference: Purchaser’s Surname and Villa Number
8.8 “the Exclusive Use Area” means those areas of the Common Property reserved for the exclusive use of the Purchaser of the Section as recorded in the schedule and depicted on the Drawings;
8.9 “the Occupation date” means the date upon which the Purchaser takes possession and occupation of the Unit, or 7 (seven) days after the Completion Date, whichever is the earlier;
8.10 “the Property” shall mean the land comprising the scheme and being a portion of Erf 15387 Mossel Bay, to be subdivided;
8.11 “the Purchase price” means the purchase price as per the schedule of information, clause 4;
8.12 “the Purchaser” means the Purchaser as per the schedule of information, clause 2;
8.13 “the Register” means the sectional title register in respect of the Property and the Buildings to be opened in terms of the Act;
8.14 “the Rules” means the management and conduct rules prescribed by the Act as may be amended from time to time by the Body Corporate;
8.15 “the Scheme” means the sectional title scheme to be registered on the Property in respect of the buildings;
8.16 “the Section” means a section as defined in the Sectional Title Act and which is depicted and numbered on the Drawings;
8.17 “the Sectional Plan” means the sectional title plan as will be approved by the Surveyor General and registered by the Registrar of Deeds;
8.18 “the Schedule of information” means the schedule of information contained in A, which forms an integral part of this Deed of Sale;
8.19 “the Seller” means the Seller as per the schedule of information, clause 1;
8.20 “the transfer date” means the date of registration of transfer of the Unit into the name of the Purchaser;
8.21 “the Unit” means the Section together with its undivided share in the Common Property apportioned to the Section in accordance with its participation quota, furnished as per Annexure 4.
8.22 “VAT” means value added tax as determined by the Value Added Tax Act, as amended from time to time.
9. ANNEXURES TO THIS DEED OF SALE
Annexure 1: Site layout and Development plan;
Annexure 2: Schedule of finishes and specifications;
Annexure 3: Floor plan; and
Annexure 4: Inventory list.
The annexures form an integral part of this Deed of Sale and are by this reference incorporated therein. The Purchaser by his/her signature hereto acknowledge that he/she is familiar with the contents thereof and accept same.
A. ACKNOWLEDGEMENT BY PURCHASER :
The Purchaser acknowledges that:
1. the Sectional Plan has not been approved and that accordingly the exact and final boundaries and areas of the Section (and Exclusive Use Areas) will be those shown on the Sectional Plan as finally approved;
2. the Register will be opened as soon as is reasonably possible after the Completion Date and transfer of the Unit and cession of the rights to the Exclusive Area shall take place simultaneously with or forthwith after the opening of the Register.
3. He is aware that the Seller will allow Purchasers of sections in the Development to enjoy exclusive rights in respect of Exclusive Use Areas relating to their rights;
4. He has read and approved the Annexures and that he will be obliged to accept delivery of the Unit and the Exclusive Use Area –
4.1 Completed substantially according to the Drawings; and
4.2 As finally depicted and delineated on the Sectional Plan
B. TERMS AND CONDITIONS
1. SALE
The Seller sells to the Purchaser who hereby purchases –
1.1 the Unit;
1.2 an undivided share in the Common Property as will be apportioned to the Unit in terms of the participation quota of the Unit; and
1.3 the right to the Exclusive Area;
all as more fully described in the Schedule read with the Drawings and as will be finally described in the Sectional Plan read with the Register (or in the rules).
2. PAYMENT OF THE PURCHASE PRICE
2.1 The purchase price shall be paid to the Seller as follows :
2.1.1 The amount stated in clause 5.1 of the schedule of information on signature hereof by the Purchaser to the conveyancer, which amount shall be held in trust until registration of transfer and shall be invested in an interest bearing trust account with interest to accrue to the Purchaser on transfer;
2.1.2 10% (ten per centum) of the purchase price less the amount paid in terms of clause 5.1 of the schedule of information to the conveyancer within 45 (forty five) days of the date of signature of the agreement by the Purchaser, which amount shall be held in trust until registration of transfer and shall be invested in an interest bearing trust account with interest to accrue to the Purchaser on transfer;
2.1.3 The balance of the purchase price plus VAT in cash
against registration of transfer of the Unit in the name of the Purchaser.
2.2 For the payment of the balance of the purchase price and VAT, the Purchaser shall furnish bank guarantees, acceptable to the Seller, within 30 (thirty) days after being requested to do so by the Conveyancer. The Purchaser hereby waives the right that the Seller can only call for a guarantee when the transfer is lodged in the Deeds office and hereby agrees that the Seller can request a guarantee at any time.
2.3 The Conveyancer shall be entitled and obliged and is hereby authorised by the parties hereto in terms of Section 78(2) of the Attorneys Act, 1979, to invest the deposit and any other amount paid to them in terms of clause 2 in an interest-bearing trust account, interest accruing to the Purchaser. The Purchaser hereby authorises the conveyancer to make payment to the Seller in accordance with clause 2 from any monies held on trust by them on behalf of the Purchaser.
2.4 Without derogating from the provisions of clause 3 below, the Purchaser shall not be entitled to take actual occupation of the Unit before the purchase price has been paid in full, despite the Unit being completed and ready for occupation, or occupation being tendered, in terms of this Deed of Sale.
2.5 All amounts payable by the Purchaser in terms of this agreement shall be paid to the Seller’s Conveyancer free of exchange or commission at Mossel Bay and without deduction or set off in cash or by means of a bank guaranteed cheque or cheque drawn by a South African registered commercial bank.
2.6 If any work of whatsoever nature is still required to be done to the Unit, Exclusive Use Area or any other part of the Property on the date that transfer thereof is tendered to the Purchaser, the Purchaser shall not be entitled to withhold, set off or retain any amount owing by the Purchaser to the Seller nor shall the Purchaser be entitled to withhold or abate payment of any amount due to the Seller in terms of this Agreement by reason of any breach or alleged breach of the Seller’s obligations thereunder.
3. POSSESSION AND OCCUPATION
3.1 Possession and vacant occupation of the Property as improved by the Unit shall be given to the Purchaser on the completion date, subject to fulfilment of the provisions of Clause 2.2 above, from which date all risk and benefit in the Unit shall pass to the Purchaser.
3.2 The Purchaser shall be liable for all municipal rates and taxes in respect of the Unit as well as that portion of the Body Corporate levy.
3.3 In the event of the transfer date for any reason being after the completion date, the Purchaser shall be liable for occupational interest in respect of the period between the completion date and the transfer date on the purchase price at the then applicable prime overdraft rate of BOE/ Nedbank / ABSA.
4. TITLE CONDITIONS
4.1 The Unit is sold subject to all conditions and servitudes contained in the title deeds or prior title deeds of the Property and such conditions imposed by any competent authority when approving the rezoning and subdivision of Erf 15387 Mossel Bay.
4.2 If the Unit has been erroneously described herein, such mistake or error shall not be binding upon the parties but the correct description as intended by the parties shall apply and they shall effect rectification of this contract accordingly.
4.3 The Seller will cause services to be made available to the Development for connection to the Property within a reasonable time and to the satisfaction of the local authority. The Purchaser is not entitled to cancel this Deed of Sale or to claim damages as a result of any reasonable delay in the provision of such services.
4.4 The Purchaser is not liable for the costs of installation of the necessary services to the Development as required in the conditions of establishment of the Development, or for any endowment, improvement or value added tax, levies, Development contributions or any similar levies. The Purchaser is responsible for all services and connection fees, including, but without limiting the generality thereof, electrical and water connection fees and deposits.
5. TRANSFER
5.1 Transfer shall be effected by the Conveyancer as soon as possible after approval of the relevant sectional title plan by the Surveyor General and the installation of services to the Property.
5.2 The Purchaser must sign the transfer documents and return same to the conveyancer within 7 (seven) days of being called upon to do so.
5.3 The Purchaser shall, in addition upon request by the Seller’s attorneys pay all costs of transfer (including VAT on such costs) VAT on the purchase price and stamp duties (if any), costs of all necessary affidavits and all other costs which have to be incurred in order to comply with statutes or other enactments or regulations relating to the passing of transfer of the Unit.
5.4 Notwithstanding anything to the contrary contained in this agreement, if the Unit is not capable of being transferred to the Purchaser by 31 December 2005 by virtue of delays, then either party shall be entitled to resile from this agreement by written notice to the other party within 14 (fourteen) days of expiry of the aforesaid period. The Seller shall, in the event of either party so resiling, refund to the Purchaser the capital amounts paid by him/her in terms of clauses 5.1 and 5.2 of the schedule of information together with all interest as may have accrued to that amount in the interest bearing account referred to in clause 2 above. The Seller shall however have the right, in its sole discretion, to extend the period referred to above in writing by 12 (twelve) months, prior to 31 December 2005.