Common use of TRANSFER AND TRANSFER COSTS Clause in Contracts

TRANSFER AND TRANSFER COSTS. 12.1 Provided the Purchaser has complied with all its obligations as set out in this Contract, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 In the event that registration of transfer of the Property is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price at the Prime Overdraft Rate plus 2% (TWO PERCENT) calculated from the date on which the transfer would, but for such delay, otherwise have been registered up to the date of actual registration of transfer. For this purpose, the determination of the Conveyancers of the date on which transfer of the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt by the Purchaser to delay or frustrate the registration of transfer or, where applicable, a mortgage bond, shall be deemed a material breach of this Contract. 12.3 The Purchaser shall, once the Architect has issued the Completion Certificate in respect of the Property, not be entitled to delay or refuse to take transfer or to pay the balance of the Purchase Price in respect of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VAT, and there will be no transfer duty payable by the Purchaser. The professional costs of transfer will be paid by the Seller. All costs, professional fees and expenses inherent in applying for or registering a mortgage bond will be for the account of the Purchaser in full. 12.5 The Purchaser will sign all documents necessary to effect transfer of the Property and return same and all other documents, resolutions, consents, applications and/or certificates as determined by the Conveyancers to the Conveyancers within 10 (TEN) days after having been requested to do so. Likewise, the Purchaser shall sign all relevant documents required to register the mortgage bond should this sale be subject to a suspensive condition in terms of clause 23 and Item 13 of the Information Schedule. The Parties agree that should the Purchaser fail to deliver any of the aforesaid documents within the aforesaid period, the Purchaser will be in material breach of this Contract.

TRANSFER AND TRANSFER COSTS. 12.1 14.1 Provided the Purchaser has complied with all its obligations as set out in clause 6 this Contract, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 14.2 The Purchaser is aware that the Erf is currently registered in the name of Southern Palace Investments 112 (Pty) Ltd. Furthermore, the Seller undertakes to ensure that registration of the Erf into the name of the Developer will be affected prior to commencement of construction of the Scheme. 14.3 In the event that registration of transfer of the Property is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price at the Prime Overdraft Rate plus 2% (TWO PERCENT) calculated from the date on which the transfer would, but for such delay, otherwise have been registered up to the date of actual registration of transfer. For this purpose, the determination of the Conveyancers of the date on which transfer of the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt by the Purchaser to delay or frustrate the registration of transfer or, where applicable, a mortgage bond, shall be deemed a material breach of this Contract. 12.3 14.4 The Purchaser shall, once the Architect Principal Agent has issued the Completion Certificate in respect of the Property, not be entitled to delay or refuse to take transfer or to pay the balance of the Purchase Price in respect of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 14.5 The Purchase Price includes VAT, and there will be no transfer duty payable by the Purchaser. The professional costs of transfer will be paid by the Seller. . 14.6 All costs, professional fees and expenses inherent in transferring the Property to the Purchaser and applying for or registering a mortgage bond will be for the account of the Purchaser in full. 12.5 14.7 The Purchaser will sign all documents necessary to effect transfer of the Property and return same and all other documents, resolutions, consents, applications and/or certificates as determined by the Conveyancers to the Conveyancers within 10 (TEN) days after having been requested to do so. Likewise, the Purchaser shall sign all relevant documents required to register the mortgage bond should this sale be subject to a suspensive condition in terms of clause 23 and Item 13 of the Information Schedule. The Parties agree that should the Purchaser fail to deliver any of the aforesaid documents within the aforesaid period, the Purchaser will be in material breach of this Contract.

TRANSFER AND TRANSFER COSTS. 12.1 Provided 7.1 Transfer shall be effected by the Conveyancers on or as soon as reasonably possible thereafter provided the Purchaser has complied with the provisions of clause 3, signed all necessary bond and Transfer documents and paid all necessary costs of Transfer. The Purchaser acknowledges that the Transfer process may be delayed for reasons beyond the control of either the Seller or the Purchaser. 7.2 The Purchaser shall not be entitled to cancel this Agreement or to refrain from paying any other amount payable by him in terms of this Agreement by reason of any reasonable delay in effecting Transfer. 7.3 Should the Purchaser fail to comply with any of the Purchaser’s obligations relating to Transfer then without further notice to the Purchaser, interest shall accrue at the prime rate on the Purchase Price or the balance thereof. The prime rate applicable shall be the publicly quoted basic rate of interest rate quoted by the Standard Bank in respect of overdraft advances, as evidenced by a certificate signed by any manager of such bank whose authority and appointment it shall not be necessary to prove. Interest shall accrue and be calculated from the due date for delivery or performance until the date upon which the Purchaser has complied with all its the Purchaser’s obligations as set out in this Contract, registration of transfer of the Property relating to Transfer and shall be given by the Seller and taken by the Purchaser on the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 In the event that registration of transfer of the Property is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price at the Prime Overdraft Rate plus 2% (TWO PERCENT) calculated from the date on which the transfer would, but for such delay, otherwise have been registered up to the date of actual registration of transfer. For this purpose, the determination of the Conveyancers of the date on which transfer of the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt paid by the Purchaser to delay or frustrate the registration of transfer or, where applicable, a mortgage bond, shall be deemed a material breach of this ContractSeller before Transfer. 12.3 7.4 The Purchaser shallshall – 7.4.1 in addition to the Purchase Price, once pay all costs and charges of and incidental to the Architect has issued the Completion Certificate in respect Transfer of the Property, not including such administrative amounts as may be entitled necessary to delay or refuse obtain a rates and/or levy/ies clearance certificate to take transfer or to pay the balance of the Purchase Price in respect of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VAT, and there will be no transfer duty payable by the Purchaserfacilitate Transfer. The professional costs of transfer will be paid by and charges contemplated in 7.4.1 specifically exclude any rates, taxes, levies and/or arrear municipal charges that the Seller. All costs, professional fees Seller is liable for in any period prior to Transfer and expenses inherent which the Seller must pay in applying order to obtain a rates and/or levy/ies clearance for or registering a mortgage bond will be for the account of the Purchaser in full.Transfer; and 12.5 The Purchaser will 7.4.2 provide all information and sign all documents necessary to effect transfer of the Property and return same and all other Transfer documents, resolutions, consents, applications and/or certificates as determined within 5 (five) business days after being called upon by the Conveyancers to the Conveyancers within 10 (TEN) days after having been requested to do so. Likewise, . 7.5 The Purchaser should take note that he/she/it shall be responsible for the Purchaser shall sign all relevant documents required following costs in addition to register the mortgage bond should this sale be subject Purchase Price and the Transfer costs referred to a suspensive condition in clause 7.4.1 – 7.5.1 value-added tax levied in terms of clause 23 and Item 13 the Value-Added Tax Act, 1991 (“VAT”) or transfer duty levied in terms of the Information Schedule. The Parties agree that should Transfer Duties Act, 1949, whichever may be applicable as contemplated in clause 8; 7.5.2 the Purchaser fail to deliver legal costs charged by the Conveyancers, determined in accordance with the tariffs set by the relevant law society or otherwise as agreed between the Conveyancers and the Purchaser; and 7.5.3 the costs of registering any of mortgage bond. 7.6 Where there is an existing mortgage bond registered over the aforesaid documents within Property the aforesaid period, the Purchaser will Seller shall be responsible for any costs incurred in material breach of this Contractcancelling such mortgage bond.

TRANSFER AND TRANSFER COSTS. 12.1 9.1. Provided the Purchaser has complied with all its his obligations as set out in this ContractAgreement and in particular has paid the Deposit and delivered the guarantee referred to in Clause 5.1.2, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on as close as possible to the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 9.2. In the event that registration of transfer of the Property and/or, where applicable, registration of a mortgage bond, is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price calculation at the Prime Overdraft Rate plus 2% 2 (TWO PERCENT) Two)% calculated on the Purchase Price from the date on which the transfer would, but for such delay, otherwise have been registered up to the date Transfer Date. 9.3. The Seller shall be liable for and shall on demand pay to the Transferring Attorneys any transfer fees plus VAT that may be payable by reason of actual this agreement. If the Purchaser has to register a mortgage bond over the Property the Seller shall also pay all costs in respect of the registration of transfersuch a mortgage bond, including any initiation fee as required by the mortgagee provided that the bond application is done through Capcubed Finance. 9.4. For this purpose, In the determination of event that the Conveyancers of the date on which Seller is in a position to pass transfer of the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt by to the Purchaser and in the event that certain building work and/or rectification still has to delay or frustrate the registration of transfer or, where applicable, a mortgage bond, shall be deemed a material breach of this Contract. 12.3 The Purchaser shall, once the Architect has issued the Completion Certificate in respect of done to the Property, the Purchaser hereby agrees to take transfer of the Property and comply with all his obligations in terms of the Agreement. The Purchaser shall not be entitled to delay or refuse to take transfer or withhold any monies by virtue of the fact that improvements of any of the xxxxx comprising the Development, or any portion of the Common Property, are not fully completed on the date that transfer is tendered to pay him. 9.5. The Purchaser further acknowledges that the balance peaceful use and enjoyment of the Property may be interrupted from time to time during such building operations and that the Purchaser shall have no claim whatsoever against the Seller, nor shall the Purchaser be entitled to any reduction in the Purchase Price in respect or interest thereon by reason of such inconvenience or interruption. 9.6. If for any reason whatsoever the Seller is unable to give the Purchaser transfer of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VATEstimated Transfer Date, and there will be no transfer duty payable by the Purchaser. The professional costs of transfer will be paid by the Seller. All costs, professional fees and expenses inherent in applying for or registering a mortgage bond will be for the account of then the Purchaser in full. 12.5 The Purchaser will sign all documents necessary to effect transfer shall have no claim of whatsoever nature against the Seller as a result thereof but should the Property not be ready for transfer within 180 (one hundred and return same and all other documents, resolutions, consents, applications and/or certificates as determined by the Conveyancers to the Conveyancers within 10 (TENeighty) days after having been requested the estimated Transfer Date, then the Seller shall be entitled to do so. Likewise, resile from this Agreement by written notice to the Purchaser to such effect in which case the Purchaser shall sign all relevant documents required to register have no further claim against the mortgage bond should this sale be subject to Seller other than a suspensive condition in terms of clause 23 and Item 13 refund of the Information Scheduledeposit together with any interest earned thereon. 9.7. The Parties agree that should irrevocably authorizes the Purchaser fail Transferring Attorneys to deliver any sign all necessary declarations and applications on their behalf to enable them to obtain the necessary transfer duty exemptions as well as the registration of the aforesaid documents within General Plan for the aforesaid period, Development and subsequent Property in the Purchaser will be in material breach of this ContractCape Town Deeds Registry.

TRANSFER AND TRANSFER COSTS. 12.1 8.1 Provided the Purchaser has complied with all its his obligations as set out in this ContractAgreement and in particular has paid the Deposit, delivered the guarantee referred to in clause 5.1.2 above and paid any other amounts owing in terms of this Agreement, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on as close as possible to the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 8.2 In the event that registration of transfer of the Property and/or, where applicable, registration of a mortgage bond, is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price calculated at the Prime Overdraft Rate plus 2% (TWO PERCENTTwo percent) calculated on the Purchase Price from the date on which the transfer would, but for such delay, otherwise have been registered registered, up to the date of actual registration of transfer. For this purpose, the determination of the Conveyancers of the date on which transfer of the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt by the Purchaser to delay or frustrate the registration of transfer or, where applicable, a mortgage bond, shall be deemed a material breach of this ContractTransfer Date. 12.3 The Purchaser shall, once the Architect has issued the Completion Certificate in respect of the Property, not be entitled to delay or refuse to take transfer or to pay the balance of the Purchase Price in respect of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VAT, and there 8.3 There will be no transfer duty payable by the Purchaser. The professional costs Seller shall be liable for and shall on demand pay to the Transferring Attorneys any transfer fees plus VAT that may be payable by reason of transfer this Agreement. Should the Transferring Attorneys not be effecting the registration of the mortgage bond referred to in clause 8.4 below, the Purchaser will be paid liable for and shall on demand pay to the Transferring Attorneys any transfer fees plus VAT that may be payable by reason of this Agreement. 8.4 If the Seller. All costs, professional fees and expenses inherent in applying for or registering Purchaser has to register a mortgage bond will be for over the account Property, the Purchaser shall pay all costs in respect of the Purchaser registration of such a mortgage bond, including the Initiation Fee as referred to in fullclause 2.1.27 of this Agreement. 12.5 8.5 The Parties irrevocably authorizes the Transferring Attorneys to sign all necessary declarations and applications on their behalf to enable them to obtain the necessary transfer duty exemptions from the South African Revenue Services. 8.6 The Purchaser will sign all documents necessary to effect transfer of the Property and return same and all other documents, resolutions, consents, applications and/or certificates and payment of the bond registration costs and fees as determined by the Conveyancers Transferring Attorneys, to the Conveyancers Transferring Attorneys within 10 5 (TENFive) days Business Days after having been requested to do so, in writing. 8.7 The Purchaser acknowledges and accepts that the Purchaser has bought Property in a development where a development mortgage bond is or will be registered. LikewiseTransfer of the Property will occur simultaneous with transfers to other purchasers necessitated by the Property sold having to be released from the operation of the mortgage bond. As a result of the above, lodgment of the Purchaser's transfer documents at the Deeds Office may be delayed. If the Purchaser has sold the Property prior to the Transfer Date to a third party, the registration of transfer from the Purchaser shall sign all relevant documents required to register the mortgage bond should this sale third party will not be subject allowed to a suspensive condition in terms be registered simultaneously with the registration of clause 23 and Item 13 transfer of the Information ScheduleProperty to the Purchaser, unless the Seller has provided its consent thereto. The Parties agree that should the Purchaser fail to deliver any of the aforesaid documents within the aforesaid period, the Purchaser Such consent will be in material breach the sole discretion of this Contractthe Seller.

TRANSFER AND TRANSFER COSTS. 12.1 9.1. Provided the Purchaser has complied with all its his obligations as set out in this ContractAgreement and in particular has paid the Deposit, delivered the guarantee referred to in Clause 5.1.2above and paid Occupational Interest, Interim Levies, Levies and any other amounts owing in terms of this Agreement, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on as close as possible to the Transfer Date, or as soon as reasonably possible after the Completion Date. 12.2 9.2. In the event that registration of transfer of the Property and/or, where applicable, registration of a mortgage bond, is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest Sellerinterest calculated at the Prime Overdraft Rateplus 2 (Two)% calculated on the Purchase Price at the Prime Overdraft Rate plus 2% (TWO PERCENT) calculated from the date on which the transfer would, but for such delay, otherwise have been registered up to the date Transfer Date. 9.3. The Seller shall be liable for and shall on demand pay to the Transferring Attorneys any transfer fees plus VAT that may be payable by reason of actual registration of transferthis Agreement. For this purpose, If the determination of the Conveyancers of the date on which transfer of Purchaser has to register a mortgage bond over the Property would, but for the delay, have been registered will be final and binding on the Parties. The Conveyancers will make such determination as an expert not an arbitrator. Any attempt by the Purchaser to delay or frustrate Seller shall pay all costs in respect of the registration of transfer or, where applicable, such a mortgage bond, shall be deemed a material breach excluding the Initiation Fee as referred to in Clause 2.7.25 of this Contract. 12.3 The Purchaser shallAgreement, once the Architect has issued the Completion Certificate in respect of the Property, not be entitled to delay or refuse to take transfer or to pay the balance of the Purchase Price in respect of the Property by reason of any alleged defect therein or by reason of the fact that any part of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VAT, and there will be no transfer duty payable by the Purchaser. The professional costs of transfer will be paid by the Seller. All costs, professional fees and expenses inherent in applying for or registering a mortgage bond which fee will be for the account of the Purchaser in full. 12.5 The Purchaser will sign all documents necessary to effect transfer of the Property and return same and all other documentsPurchaser, resolutions, consents, applications and/or certificates as determined by the Conveyancers subject to the Conveyancers within 10 (TEN) days after having been requested to do sofollowing conditions: 9.3.1. Likewise, the Purchaser shall sign all relevant documents required to register the mortgage bond should this sale be subject to a suspensive condition in terms is granted by ABSA Bank Ltd, Firstrand Bank Ltd, NedcorBank Ltd or Standard Bank Ltd as the Purchaser's financial institution of clause 23 and Item 13 choice, and 9.3.2. the registration of the Information Schedulemortgage bond is effected by the Transferring Attorneys,and 9.3.3. the mortgage bond was procured by the Bond Broker, 9.4. If Clauses 9.3.1to 9.3.3are not complied with, all transfer and bond registration fees will be for the account of the Purchaser. 9.5. The Purchaser shall not be entitled to delay transfer or withhold any monies by virtue of the fact that any of the Sections in or portion of theBuilding, or any portion of the Common Property, are not fully completed on the date that transfer is tendered to him. 9.6. The Parties agree that should irrevocably authorizes the Purchaser fail Transferring Attorneys to deliver any sign all necessary declarations and applications on their behalf to enable them to obtain the necessary transfer duty exemptions as well as the opening of the aforesaid documents within Sectional Title Register for the aforesaid period, Development in the Purchaser will be in material breach of this ContractCape Town Deeds Registry.

TRANSFER AND TRANSFER COSTS. 12.1 9.1 Provided the Purchaser has complied with all its his obligations as set out in this ContractAgreement and in particular has paid the Deposit, if applicable, delivered the guarantee referred to in Clause 5.1.2 above and paid Interim Rates and Taxes and Levies and any other amounts owing in terms of this Agreement, registration of transfer of the Property shall be given by the Seller and taken by the Purchaser on as close as possible to the Transfer Date. In the event that the Seller anticipates that the actual Transfer Date will be considerably later than the date referred to in clause 4 of the Particulars, it shall give notice to the Purchaser, at least 30 (Thirty) days prior to the Transfer Date, of the new expected Transfer Date. The Purchaser shall have no claim against the Seller for damages or as soon as reasonably possible after for compensation of any other nature by reason of the Completion DateTransfer Date having been amended. 12.2 9.2 In the event that registration of transfer of the Property and/or, where applicable, registration of a mortgage bond, is delayed or frustrated by any act or omission of the Purchaser, the Purchaser shall pay to the Seller interest which shall be equivalent to interest on the Purchase Price calculated at the Prime Overdraft Rate plus 2% 2 (TWO PERCENT) Two)% calculated on the Purchase Price from the date on which the transfer would, but for such delay, otherwise have been registered up to the date of actual registration of transfer. For this purpose, the determination of the Conveyancers of the date on which transfer of the Property would, but for the delay, have been registered will be final and binding on the PartiesTransfer Date. The Conveyancers Lender will make such determination as an expert not an arbitrator. Any attempt by the Purchaser to delay or frustrate determine whether the registration of the mortgage bond is delayed or frustrated by any act or omission of the Purchaser 9.3 The Seller shall be liable for the payment of the transfer orfees and, where applicableif the Purchaser has to register a mortgage bond over the Property, the bond costs in respect of the registration of such a mortgage bond, excluding the Initiation Fee as referred to in Clause 2.7.7 of this Agreement, on the express condition that: 9.3.1 the mortgage bond is granted by ABSA Bank Ltd, Firstrand Bank Ltd, Nedcor Bank Ltd or Standard Bank Ltd as the Purchaser's financial institution of choice, and 9.3.2 the registration of the mortgage bond is effected by the Transferring Attorneys. 9.4 If the event that the mortgage bond is not granted by the financial institutions indicated in 9.3.1 above and the registration of the mortgage bond is not effected by the Transferring Attorneys as required in 9.3.2 above, then all transfer and bond registration fees, as referred to in Clause 9.3 above, shall be deemed a material breach of this Contractpayable by the Purchaser in full and immediately upon demand by the Transferring Attorneys. 12.3 9.5 The Purchaser shall, once Seller shall pay the Architect has issued connection fees to the Completion Certificate Local Authority in respect of water and sewer and the PropertyPurchaser shall be liable to refund the Seller for any deposits paid in order to obtain such connections, which will be paid to the Seller on demand, prior to registration of transfer. 9.6 The Purchaser shall not be entitled to delay or refuse to take transfer or to pay the balance of the Purchase Price in respect of the Property withhold any monies by reason of any alleged defect therein or by reason virtue of the fact that any part improvements of the Building or Scheme has not yet been fully completed. 12.4 The Purchase Price includes VAT, and there will be no transfer duty payable by the Purchaser. The professional costs of transfer will be paid by the Seller. All costs, professional fees and expenses inherent in applying for or registering a mortgage bond will be for the account of the Purchaser in full. 12.5 The Purchaser will sign all documents necessary to effect transfer of the Property and return same and all other documents, resolutions, consents, applications and/or certificates as determined by the Conveyancers to the Conveyancers within 10 (TEN) days after having been requested to do so. Likewise, the Purchaser shall sign all relevant documents required to register the mortgage bond should this sale be subject to a suspensive condition in terms of clause 23 and Item 13 of the Information Schedule. The Parties agree that should the Purchaser fail to deliver any of the aforesaid documents within xxxxx comprising the aforesaid periodDevelopment are not fully completed on the date that transfer is tendered to him. 9.7 The Parties irrevocably authorize the Transferring Attorneys to sign all necessary declarations and applications on their behalf to enable them to obtain the necessary transfer duty exemptions and, if applicable, the Purchaser will be opening of the Township Register for the Development in material breach of this Contractthe Cape Town Deeds Registry.