The Owner Finance Contract is utilized in South Africa when traditional bank financing is either not preferred or not available for property purchases. This comprehensive legal document combines elements of both a property sale agreement and a credit agreement, ensuring compliance with South African legislation including the National Credit Act, Alienation of Land Act, and Consumer Protection Act. It's particularly relevant in situations where sellers are willing to accept periodic payments over time instead of a lump sum payment, effectively acting as the mortgagor. The document includes crucial details about the property, purchase price, payment terms, interest rates, security arrangements, and conditions for eventual transfer. It must be carefully structured to protect both parties' interests while ensuring enforceability under South African law.
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1. Parties: Identification and details of the Seller (Owner-financier) and Purchaser
2. Background: Context of the agreement, including brief property description and parties' intention to enter into owner-financing arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including erf number, physical address, size, and registration details
5. Purchase Price: Total purchase price, deposit requirements, and financing amount
6. Payment Terms: Details of monthly payments, interest rate, payment dates, and payment methods
7. Security Arrangements: Mortgage bond registration and other security measures protecting the seller's interests
8. Transfer and Registration: Process and conditions for property transfer and registration
9. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
10. Default Provisions: Consequences and remedies in case of payment default or breach
11. Occupancy Rights: Terms regarding property occupation during the finance period
12. Costs and Charges: Allocation of transaction costs, legal fees, and ongoing charges
13. General Terms: Standard contractual provisions including notices, amendments, and governing law
1. Co-purchaser Provisions: Additional terms when there are multiple purchasers involved
2. Rental Provisions: Terms for rental of the property to third parties during the finance period
3. Early Settlement: Terms and conditions for early payment of the full purchase price
4. Property Development: Conditions regarding alterations or improvements to the property
5. Business Use: Special conditions if the property will be used for business purposes
6. Death and Disability: Provisions dealing with death or disability of either party
7. Transfer to Third Parties: Conditions for selling or transferring the agreement to other parties
1. Schedule A - Property Details: Detailed property specifications, including plans and diagrams
2. Schedule B - Payment Schedule: Amortization table showing all payments, interest, and principal amounts
3. Schedule C - Property Condition Report: Detailed report on the condition of the property at time of sale
4. Schedule D - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
5. Schedule E - Costs Breakdown: Detailed breakdown of all costs, fees, and charges
6. Appendix 1 - Required Documents: List of all documents required for transfer and registration
7. Appendix 2 - Compliance Certificates: Copies of electrical, gas, electric fence, and other compliance certificates
Relevant legal definitions
Agreement
Bond Attorney
Business Day
Commencement Date
Conveyancer
Credit Agreement
Deeds Office
Deposit
Due Date
Effective Date
Erf Number
Event of Default
Finance Period
Financial Intelligence Centre Act
Fixed Interest Rate
Improvements
Initial Payment
Installment
Interest
Land
Legal Costs
Local Authority
Monthly Payment
Mortgage Bond
National Credit Act
Occupation Date
Outstanding Balance
Parties
Payment Schedule
Penalty Interest
Principal Debt
Property
Purchase Price
Purchaser
Rates and Taxes
Registration
Seller
Settlement Amount
Settlement Date
Signature Date
Title Deed
Transfer
Transfer Date
Transfer Duty
Undeveloped Land
Valuation
Bond Attorney
Business Day
Commencement Date
Conveyancer
Credit Agreement
Deeds Office
Deposit
Due Date
Effective Date
Erf Number
Event of Default
Finance Period
Financial Intelligence Centre Act
Fixed Interest Rate
Improvements
Initial Payment
Installment
Interest
Land
Legal Costs
Local Authority
Monthly Payment
Mortgage Bond
National Credit Act
Occupation Date
Outstanding Balance
Parties
Payment Schedule
Penalty Interest
Principal Debt
Property
Purchase Price
Purchaser
Rates and Taxes
Registration
Seller
Settlement Amount
Settlement Date
Signature Date
Title Deed
Transfer
Transfer Date
Transfer Duty
Undeveloped Land
Valuation
Clauses
Property Description
Purchase Price
Payment Terms
Interest Rate
Security
Transfer of Property
Occupation Rights
Insurance Requirements
Maintenance Obligations
Default Provisions
Breach Remedies
Risk Transfer
Representations and Warranties
Property Condition
Registration of Bond
Costs Allocation
Municipal Charges
Compliance Certificates
Death and Disability
Early Settlement
Assignment
Force Majeure
Notices
Dispute Resolution
Governing Law
Entire Agreement
Amendment
Severability
Cancellation Rights
Indemnification
Good Faith
Confidentiality
Signature Requirements
Suspensive Conditions
Tax Provisions
Purchase Price
Payment Terms
Interest Rate
Security
Transfer of Property
Occupation Rights
Insurance Requirements
Maintenance Obligations
Default Provisions
Breach Remedies
Risk Transfer
Representations and Warranties
Property Condition
Registration of Bond
Costs Allocation
Municipal Charges
Compliance Certificates
Death and Disability
Early Settlement
Assignment
Force Majeure
Notices
Dispute Resolution
Governing Law
Entire Agreement
Amendment
Severability
Cancellation Rights
Indemnification
Good Faith
Confidentiality
Signature Requirements
Suspensive Conditions
Tax Provisions
Relevant Industries
Real Estate
Financial Services
Legal Services
Property Development
Construction
Insurance
Mortgage Banking
Property Management
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Sales
Operations
Credit Administration
Document Management
Relevant Roles
Real Estate Attorney
Property Lawyer
Conveyancing Manager
Credit Manager
Real Estate Agent
Property Developer
Financial Manager
Legal Counsel
Compliance Officer
Property Portfolio Manager
Risk Manager
Contract Administrator
Real Estate Broker
Property Sales Manager
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