Agreement for Sale of freehold Land – companies – Pro Purchaser
This is a pro-purchaser agreement between two companies.
It relates to the sale and purchase of land whose tenure is fee simple/absolute, meaning that the vendor holds/owns the land completely without a limitation of a term as compared to a leasehold tenure, which is limited by a set term in years, rent payment and other matters.
The Agreement contains warranties which protect the purchaser in case the vendor breaches any of them in that the purchaser can claim damages from the vendor.
The warranties subsist even after the completion of the sale and purchase transaction in that a purchaser will be entitled to claim damages at any time a warranty is breached.
However, in some instances, the warranties are normally limited to the completion of the sale and purchase transaction.