Agreement for Sale of freehold Land – where the Vendor is a company and the purchaser is an Individual – Pro vendor – cash purchase
Agreement for sale of freehold land – company to individual – cash purchase – pro vendor
This agreement relates sale of land between individuals (natural persons) where the seller/vendor is a company.
The vendor signs through its authorized representative(s) subject to its articles of association.
The constitutional documents of the vendor such as the certificate of incorporation as well as the identification documents of the vendor’s authorized representative(s) form part of the completion documents.
The agreement also relates to the sale of land where the purchase price is payable by the purchaser in cash, that is, no part of it is to be financed.
The purchaser is deemed to purchase the property on a “as is where is” basis.
The agreement does not contain warranties on the part of the vendor, but rather, disclaimers as to the condition or otherwise of the property considering that the purchaser is buying the property on an “as is, where is” basis. Should the purchaser insist on there being warranties, these can be limited to:
- best knowledge of the vendor;
- to the execution of the agreement; and
- in case of breach of the warranties, there being no fault on the part of the purchaser, to damages limited to 10% of the purchase price.