Real Estate Investor April 2021 April 2021 | Page 56

Domicilium The domicilium citandi et executandi ( or domicilium ) is the address at which all notices and / or court processes related to the Agreement of Sale will be served on the parties .
Warranties All warranties and representations between the parties relating to the property are recorded here .
Certificates The seller is obliged to provide certain certificates of compliance prior to registration of transfer . These include :
• Electrical
• Electric fence
• Gas ( if relevant )
• Water
• Beetle – this is not a legal requirement but is often demanded by lenders , as the purpose of this certificate is to validate the structural integrity of the timber in the building , particularly the roof . The specifics of the clause will vary from region to region , depending on the species of beetle most commonly found , and this requirement is more usual in coastal regions
Buying Property is not a DIY Activity We have tried to explain , in layperson ’ s terms , the most common clauses found in a Deed of Sale . The list is not exhaustive , as every Deed of Sale differs according to the specific circumstances and requirements of the individual parties .
Property law is a specialised field . It is a good idea to seek advice from a property lawyer before binding yourself to any Offer to Purchase . In South African law you are bound to an Agreement of Sale once it becomes unsuspensive , or unconditional . This differs from some other countries , where , despite concluding a Deed of Sale , you can still be “ gazumped ” before contracts are exchanged , i . e . the seller can accept a better offer from another buyer .
For expert advice on buying or selling a property , contact Simon Dippenaar and Associates on 086 099 5146 or simon @ sdlaw . co . za .
Special Conditions Any special conditions are recorded here .
Validity of Offer The Offer to Purchase states a time and date by which the seller must accept / reject and / or counter the offer . If the seller takes no action by that date , the offer lapses and is no longer valid or legally binding .
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