Common use of Acknowledgement by Purchaser Clause in Contracts

Acknowledgement by Purchaser. The PURCHASER acknowledges that he/she: 7.1 understands the risks and the costs as well as the PURCHASER’s rights and obligations under this Agreement; 7.2 records that entering into this Agreement will not cause the PURCHASER to become over-indebted as contemplated in the National Credit Act; 7.3 fully and truthfully answered all requests for information made to the PURCHASER by or on behalf of the SELLER which led to the conclusion of this Agreement; 7.4 has the necessary legal capacity to enter into this Agreement and that he/she is not subject to an administration order in terms of Section 74 of the Magistrates’ Courts Act, nor has he/she been sequestrated as insolvent; 7.5 did not receive an offer from the SELLER which automatically results in an agreement if the PURCHASER does not decline the offer; 7.6 was not induced, harassed or forced to enter into this Agreement; 7.7 has not been required or induced to enter into any supplementary agreements to this Agreement; 7.8 records that this Agreement was completed in full, with specific reference to the Schedule and 4.2 above, at the time the PURCHASER signed it; 7.9 is aware that, when this Agreement takes effect, the SELLER must report the relevant details hereof required in terms of section 69(2) of the National Credit Act to the National Credit Register or a registered credit bureau.