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Commercial Real Estate Sales Contract
"I need a Commercial Real Estate Sales Contract for a multi-tenant retail property in Cape Town, South Africa, which includes provisions for transferring existing lease agreements and manages the transition of tenant deposits, with the transfer expected to complete by March 2025."
1. Parties: Identifies and provides full details of the Seller and Purchaser, including registration numbers for companies or ID numbers for individuals
2. Background: Sets out the context of the sale and confirms the Seller's ownership of the property
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules of interpretation
4. Sale of Property: Details the agreement to sell and purchase the property, including the physical description and title deed information
5. Purchase Price: Specifies the purchase price, payment terms, and deposit requirements
6. Payment Terms: Details the method and timing of payments, including deposit handling and guarantee requirements
7. Transfer and Registration: Outlines the process and timing for property transfer and registration in the Deeds Office
8. Transfer Costs and Charges: Allocates responsibility for transfer costs, duties, and other charges
9. Possession and Risk: Specifies the date of possession and transfer of risk, including provisions for rental if applicable
10. Seller's Warranties: Lists the Seller's warranties regarding the property's condition, title, and any encumbrances
11. Property Condition: Describes the current condition of the property and any agreed repairs or improvements
12. Compliance Certificates: Lists required compliance certificates and responsibilities for obtaining them
13. Risk and Insurance: Addresses insurance requirements and risk allocation before transfer
14. Breach: Details consequences and remedies for breach of contract
15. Dispute Resolution: Outlines the process for resolving disputes
16. Notices and Domicilia: Specifies how and where notices must be delivered
17. General Terms: Includes standard legal provisions such as whole agreement, variation, and governing law
1. Tenant Rights and Obligations: Required when the property is currently leased to tenants, addressing their rights and the transfer of lease agreements
2. VAT Provisions: Required when the transaction is subject to VAT, particularly for going concern sales
3. Development Requirements: Needed when the property requires specific development or modifications before or after transfer
4. Environmental Provisions: Required when there are environmental concerns or requirements related to the property
5. Agent Commission: Included when a real estate agent is involved in the transaction
6. Due Diligence: Required when the sale is subject to a due diligence investigation period
7. Suspensive Conditions: Included when the sale is subject to specific conditions such as financing or zoning approvals
8. Property Management: Required when interim property management arrangements are needed
9. Special Conditions: For any unique requirements specific to the transaction
1. Property Description Schedule: Detailed description of the property including diagrams, title deed information, and zoning details
2. Fixture and Fittings Schedule: List of included and excluded fixtures, fittings, and equipment
3. Financial Schedule: Detailed breakdown of the purchase price, payment terms, and costs
4. Existing Lease Agreements: Copies and summaries of current lease agreements if applicable
5. Compliance Certificates Schedule: List and copies of required compliance certificates
6. Due Diligence Checklist: List of items to be verified during due diligence
7. Property Condition Report: Detailed report on the property's condition with photographs
8. Zoning and Land Use Certificates: Relevant zoning and land use documentation
9. Building Plans and Approvals: Approved building plans and municipal approvals
Authors
Real Estate
Commercial Property Development
Retail
Industrial Manufacturing
Hospitality
Healthcare
Financial Services
Professional Services
Logistics and Warehousing
Office Space Management
Mining and Resources
Agriculture
Legal
Finance
Real Estate
Operations
Risk and Compliance
Property Management
Asset Management
Business Development
Facilities Management
Corporate Services
Investment
Acquisitions and Disposals
Chief Executive Officer
Chief Financial Officer
Commercial Property Manager
Real Estate Development Manager
Legal Counsel
Property Investment Manager
Facilities Manager
Asset Manager
Property Acquisition Manager
Risk Manager
Commercial Director
Operations Manager
Property Portfolio Manager
Company Secretary
Finance Director
Business Development Manager
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