Posted by
Bruyns Legal Practitioners
on 09 Mar 23
Categories:
Legal & Insurance
The "voetstoots" clause - means that the purchaser buys the property from the seller as it stands and thereby indemnifying the seller against claims for damages in respect of any defects on the property whether patent or latent;
The "rouwkoop" clause - refers to an amount payable by a party who wishes to withdraw from the agreement of sale. The parties have to reach consensus on a fair and reasonable amount that would constitute rouwkoop.
The "occupation date" - the date the Purchaser takes possession of the property. This date does not necessarily coincide with the transfer date.
The "occupational interest" is the rent the party would pay, occupying the property before the transfer date.
The transfer of "risk" - is the date on which the risk of the property is transferred to the purchaser. If this date does not correlate with the transfer date, the parties must agree to the date when the risk transfers from one party to the other; and
Remember to choose a good attorney to guide you through the process.
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Bruyns Legal Practinioners
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