PART:2
Occupation
Ensure that the occupation date and transfer date are recorded and that they fit in with your requirements. Also, always include the amount of occupational rent, just in case the transfer is delayed due to unexpected circumstances. For more info on Occupational rent from our previous blog, click Here.
If the property is tenanted, make sure that the offer states that the seller will ensure that any tenants will have vacated the property before transfer into your name. An existing tenant has stronger rights than a purchaser/new owner, so this matter requires careful attention.
Possession and risk
The date on which possession will be given is agreed upon by the parties and recorded in the OTP. In the event of the offer prescribing that possession shall be given on a fixed date, or earlier/later by mutual agreement between the parties, and they fail to agree on an alternative date, the fixed date prescribed shall be applicable.
The risk clause covers damages sustained as a result of an act that cannot be attributed to any person, for example, lightning. The party bearing the risk will be liable for all damages sustained as a result of such an act. The offer usually regulates when the risk shall pass to the purchaser and it is usual for this to be on the date of registration.
Fixtures and fittings
Check the fixtures and fittings clause to ensure that it lists all the items you need to be included in the sale and ensure that they will be in good working order on the date of transfer into your name – this information must be recorded in writing to avoid disputes later in the process, says van Blerck.
Article courtesy of property24
Don’t miss our next blog. The title deed.