POSSESSION AND RISK. 12.1 Possession of the Property shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser.
12.2 Should the Purchaser take and the Seller allow possession of the Property prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s interest in the Property shall be endorsed against such policy for such period.
12.3 Upon the Purchaser taking possession of the Property and pending transfer, the following further provisions shall apply –
12.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Property or any other asset of the enterprise, or his rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld;
12.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property.
POSSESSION AND RISK. 4.1 The Seller shall give the Purchaser possession and occupation of the property against registration of transfer.
4.2 All risk and benefit in the property shall pass to the Purchaser against registration of transfer.
4.3 In the event of the Seller giving the Purchaser possession of the property prior to registration of transfer, all risk in the property shall pass to the Purchaser on possession and the Purchaser shall carry out any building work or other improvements thereon at its own risk and shall have no claim whatsoever against the Seller for any compensation in respect thereof.
POSSESSION AND RISK. 9.1 Possession of the Sale Object shall only be given by the Seller and taken by the Purchaser on registration of transfer, provided that clauses 4.2 and 4.4 and 6.1 above have been complied with, from which date all risks and benefits of ownership in respect of the Property shall pass to the Purchaser.
9.2 Should the Purchaser take and the Seller allow possession of the Sale Object, but specifically the Property, prior to registration of transfer, the Purchaser shall at its own expense insure the Property and improvements thereon for the full replacement value thereof from date of possession, against risk of loss or damage by any cause with an insurer acceptable to the Seller. The Seller‘s interest in the Property shall be endorsed against such policy for such period.
9.3 Upon the Purchaser taking possession of the Sale Object and pending transfer, the following further provisions shall apply: -
9.3.1 the Purchaser shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the Sale Object or any other asset of the Seller (partially or in toto), or its rights of occupation thereof, except with the written consent of the Seller, which consent shall not be unreasonably withheld;
9.3.2 the Purchaser shall be responsible for and pay all costs of electricity and water consumed in the Property, including the occupational interest/rental as stipulated in Schedule “2” hereto.
10.1 The Sale Object is sold subject to all existing tenancies and vacant possession of the Property is not given or guaranteed.
10.2 The Purchaser shall be bound by the terms and conditions of all existing leases, of which it acknowledges it is fully apprised alternatively which it has accepted to be assigned to the Purchaser.
10.3 The Purchaser is aware of the provisions of: -
10.3.1 the Restitution of Land Rights Act 22 of 1994;
10.3.2 the Land Reform (Labour Tenants) Act 3 of 1996;
10.3.3 the Extension of Security of Tenure Act 62 of 1997, which regulate and/or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the Seller has not given any warranty or made any representations, whether express or implied, to the Purchaser regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The Purchaser indemnifies the Seller against any claim or action which any occupier may bring in terms o...
POSSESSION AND RISK. The property shall be at the risk of the Purchaser and for his benefit from the date of possession and possession shall be given and taken on transfer.
POSSESSION AND RISK. Possession of the property will be given to the Purchaser on registration of transfer. As from the date of possession the property will be at the sole risk, loss or profit of the Purchaser, and the Purchaser will from such date be entitled to the rentals (if any) and be liable for all rates, taxes and other charges in respect of the property. If the Seller has paid any such charge or charges for any period subsequent to the date of possession, the Purchaser will refund to the Seller the charge or charges so paid, and the Purchaser will likewise be entitled to a refund from the Seller of the rentals (if any) collected prior to the date of possession in respect of any period subsequent to the date of possession.
POSSESSION AND RISK. Possession of the Property will be given to the Purchaser on the Transfer Date.
POSSESSION AND RISK. 7.1 Possession of the PROPERTY shall pass to the PURCHASER on the date of transfer of the PROPERTY into the name of the PURCHASER, and from such date the benefits, risks and liabilities (including, without being limited thereto, the liability to make payment to the Body Corporate, should the PURCHASER not have taken occupation prior to transfer) in respect of the PROPERTY shall pass to the PURCHASER.
7.2 The PROPERTY is disposed of in terms of this agreement in the condition as it stands, voetstoots, subject to the specific warranties by the SELLER contained in clause 16 of this agreement. Initial here
7.3 The SELLER shall make every effort to ensure that the PROPERTY is ready for occupation on the OCCUPATION DATE. However, the SELLER does not warrant that the PROPERTY will be ready for occupation on the OCCUPATION DATE. Should the PROPERTY not be available for occupation on the date in 1.10 of Schedule 1, the PURCHASER shall have no claim of any kind against the SELLER arising from such late occupation. Should the PROPERTY not be ready for occupation 6 (Six) months after the anticipated OCCUPATION DATE (or such extended date certified by the SELLER’s ARCHITECT due to vis major, inclement weather, strikes, lock outs, civil commotion, non-availability of materials or any other circumstance beyond the control of the SELLER) then the PURCHASER shall be entitled (only) to cancel this contract on written notice to the SELLER. In such circumstances the PURCHASER shall be entitled to a refund of the deposit and accrued interest but shall have no other claim whatsoever, whether for damages, specific performance or otherwise. The SELLER shall be entitled to change the OCCUPATION DATE by giving the PURCHASER 30 days notice of change of the OCCUPATION DATE, subject to the provisions above.
7.4 It is recorded that the PURCHASER is aware that, on the OCCUPATION DATE, the building in which the PROPERTY is located, the COMMON PROPERTY and other properties may be incomplete and under construction and that the PURCHASER might suffer inconvenience from building operations and from noise and dust resulting therefrom. The PURCHASER shall not be entitled to cancel this agreement nor have any claim whatsoever against the SELLER by reason of any of the foregoing.
7.5 Notwithstanding any provision of this agreement to the contrary, the PURCHASER may only occupy the PROPERTY once guarantees have been furnished in compliance with this agreement, all other payments due in respect of...
POSSESSION AND RISK. 16.1 Possession of the Property shall be given by the Seller, and taken by the Purchaser, on the date on which the Property is registered in the name of the Purchaser, from which date the Purchaser shall be liable for the risk of loss and profit in the Property, which means that the Purchaser will be responsible for anything that might happen to the Property and be responsible for all costs relating to the Property, including all rates, taxes and other charges levied upon the Property (including levies due to the applicable home owners’ association) plus Value Added Tax (“VAT”) thereon, if applicable and shall receive all benefits from the Property.
16.2 The Purchaser is aware that the Property forms part of a property development, the planning and execution of which is subject to numerous factors outside of the Seller’s control. While every effort will be made by the Seller to ensure that the development is proceeded with, there is no guarantee to this effect. Should the Seller be incapable of obtaining transfer of the erf on which the Property is to be constructed, or should the development lose its commercial feasibility, or should the development not occur for any reason in the Seller’s discretion, then the Seller will be entitled to cancel this Agreement on notice to the Purchaser, who shall then be entitled to return of its deposit.
POSSESSION AND RISK. 6.1. The Developer shall give the Purchaser possession and occupation of the property on the date of transfer or as otherwise agreed in writing by the parties.
6.2. On the Occupation Date, all risk and benefit in and to the Property shall pass from the Developer to the Purchaser and the Property shall thereafter remain solely at the risk and be for the profit and/or loss of the Purchaser, and from which date the Purchaser shall be liable, amongst other things, for the payment of all Levies, rates, taxes, service charges and municipal charges levied against the Property.
6.3. If, by agreement, the Developer gives the Purchaser possession of the property prior to registration of transfer, occupational rent will be payable monthly in advance by the Purchaser to the Developer in the amount of R which amount will be due and payable to the Developer from date of occupation and thereafter on the 1st day of each and every month.
6.4. The Purchaser will be liable for all consumption charges for electricity, water, sewerage and the like from the Occupation Date, including all and any deposits that may be required by the local authority and all insurance premiums. Prepayments made by either party for any period subsequent to the Transfer Date shall be adjusted proportionately.
POSSESSION AND RISK. 10.1 Possession of the Property, all risks and benefits of ownership shall pass to the Purchaser on date of registration of transfer, from which date the Purchaser is liable for the payment of rates, taxes and levies for the Property.
10.2 The Seller indemnifies the Purchaser from any claim that may be instituted against the Purchaser by any relevant authority for arrear rates / taxes / services that may be owing to such authority in respect of the Property. The Purchaser reserves the right to take recourse against the Seller in the event that any authority should institute action against the Purchaser for alleged arrear rates / taxes / services owing by the Seller.
10.3 Should occupation be given and taken prior to registration, all risks of ownership excluding liability for the payment of rates and taxes, insurance and any levies relating to ownership of the Property, shall pass to the Purchaser from date of occupation. In such a case, the Purchaser undertakes to maintain the property, fixtures and fittings in the same good condition and working order from date of occupation to date of transfer.
