Common Contracts
1 similar Property Transfer Agreement contracts
The terms “occupation”, “passing of risk”, “possession” and “registration of transfer” in a deed of sale have important and different legal consequences for the parties to the contract. The parties should make themselves aware of these consequences...Property Transfer Agreement • August 11th, 2018
The exact date of registration of a transfer of immovable property is difficult to determine due to the number of variable factors that influence such registration. Therefore, agreements for the sale of immovable property usually contain an occupation date whereby the parties agree when the seller will move out and when the purchaser can move into the property. This is called the “occupation date”. Occupation before registration is often necessitated by the personal circumstances of the parties that require them to occupy or vacate the property before registration of transfer, for example expiry of a lease agreement or a limited window to arrange for the moving of their households. The purchaser will usually pay the seller occupational interest or rental. The occupational interest is calculated monthly, pro rata in relation to the date of registration or transfer of ownership. In this instance occupation is taken in anticipation of transfer of ownership and does not necessarily coincid
