Common use of OCCUPATION AND POSSESSION Clause in Contracts

OCCUPATION AND POSSESSION. Occupation of the Property shall be given to, and taken by, the Purchaser on from which date all risk other than the risk covered by the Seller's Homeowners Insurance Policy shall pass to him/her. From date of registration of transfer he/she shall be responsible for the payment of all rates and taxes, municipal and other charges or levies of whatsoever nature in respect thereof. Should occupation take place prior to registration, the Purchaser shall pay on demand the costs of consumption of water, electricity and gas against receipt of the relevant utility accounts as calculated from date of occupation. The total risk in the Property shall pass to the Purchaser on date of registration of transfer. Possession shall be given on date of registration of transfer, before which date the Purchaser shall be precluded from making any alterations to the Property. The party enjoying occupation while the Property is registered in the name of the other party, shall pay to said party for the period of such occupation per month in advance an amount of R……………………………….………( Rand) Should transfer take place during the month, the above amount shall be pro rata. Should this Agreement be cancelled for any reason whatsoever, it is agreed that no tenancy has been created by having taken occupation prior to transfer.