Common use of Purchase Price and Payment Clause in Contracts

Purchase Price and Payment. 4.1. The purchase price for the property shall be the sum stated in the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreement. 4.2. The purchase price shall be payable as follows: 4.2.1. a holding deposit in the amount of R30,000.00 (Thirty Thousand Rand) within 7 (Seven) days of the signing date, which amount shall be paid to the Conveyancers in trust who, pending transfer of the property into the name of the Purchaser, shall invest such amount, and/or any other deposit paid by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. the amount is invested in an interest-bearing account in accordance with the provisions of Section 86(4) of the Legal Practice Act for the benefit of the Purchaser; and 4.2.1.2. on registration of transfer of the property into the name of the Purchaser, the Conveyancers shall pay the deposit to the Developer and the interest earned thereon to the Purchaser; 4.2.2. the balance of the purchase price shall be payable in cash against registration of transfer of the property into the name of the Purchaser and shall be secured by payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement or within 14 (Fourteen) days from date of approval of the bond as stipulated in this agreement. 4.2.3. The Conveyancers will be entitled to an investment fee on the above deposit.

Purchase Price and Payment. 4.1. The purchase price for the property shall be the sum stated in the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreement. 4.2. 4.1 The purchase price shall be payable paid by the purchaser to the seller as follows: 4.2.1. 4.1.1 a holding deposit in the amount sum stipulated in item 5 of R30,000.00 the schedule shall be paid by way of electronic transfer of funds into the trust account of the conveyancers, within the period as stated in item 5 of the schedule; and 4.1.2 the balance against transfer. 4.2 The purchaser shall within 10 (Thirty Thousand Randten) within 7 (Seven) business days of being called upon by the signing dateconveyancers to do so, which amount request will not be made prior to fulfilment of the suspensive condition contained in clause 5.1 (if applicable), deliver to the seller and/or the conveyancers a guarantee or guarantees by a South 4.3 The deposit referred to in clause 4.1.1 above, as well as other payments of the purchase price which the purchaser may make to the conveyancers in terms of this agreement, shall be held in trust by the conveyancers and shall be paid to the Conveyancers seller or its nominee against transfer. The conveyancers are hereby irrevocably authorised in trust who, pending transfer terms of Section 78(2A) of the property into the name Attorneys Act No. 53 of the Purchaser, shall 1979 to invest such amount, and/or any other deposit paid by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. the amount is invested in an interest-bearing account in accordance with a bank or other financial institution of their choice. The conveyancers shall be entitled to debit against the provisions interest an administration fee of Section 86(42,5% (two comma five percent) of the Legal Practice Act for interest earned. All interest earned on funds so invested by the benefit of conveyancers, minus the Purchaser; and 4.2.1.2. on registration of transfer of the property into the name of the Purchasersaid administration fee, the Conveyancers shall pay the deposit accrue to the Developer and purchaser. 4.4 All amounts payable by the interest earned thereon to the Purchaser; 4.2.2. the balance of the purchase price shall be payable purchaser in cash against registration of transfer of the property into the name of the Purchaser and shall be secured by payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature terms of this agreement shall be paid to the conveyancers free of exchange or within 14 (Fourteen) days from date commission and without deduction or set-off, in cash or by means of approval of the bond as stipulated in this agreementa bank guaranteed cheque or cheque drawn by a South African registered commercial bank. 4.2.3. The Conveyancers will be entitled to an investment fee on the above deposit.

Purchase Price and Payment. 4.1. 5.1 The purchase price PURCHASE PRICE payable by the PURCHASER to the SELLER for the property PROPERTY is the sum recorded in 1.4 of Schedule 1, payable as set out in 1.5 and 1.6 of Schedule 1. 5.2 All payments made in terms of this agreement shall be made by the sum stated in PURCHASER directly to the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreementCONVEYANCERS. 4.2. The purchase price shall be payable as follows: 4.2.1. a holding deposit 5.3 This agreement is subject to the suspensive condition that the PURCHASER obtains the loan in the amount (if any) reflected in 1.6.1 of R30,000.00 Schedule 1, forming part or all of the PURCHASE PRICE payable by the PURCHASER to the SELLER for the PROPERTY, from a major bank, against the security of a first mortgage bond over the PROPERTY in favour of such bank, such loan to be approved of in writing by such bank within a period of 30 (Thirty Thousand Rand) within 7 (Seventhirty) days of after the signing date, which amount shall be paid to the Conveyancers in trust who, pending transfer of the property into the name of the Purchaser, shall invest such amount, and/or any other deposit paid by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. the amount is invested in an interest-bearing account in accordance with the provisions of Section 86(4) of the Legal Practice Act for the benefit of the Purchaser; and 4.2.1.2. on registration of transfer of the property into the name of the Purchaser, the Conveyancers shall pay the deposit to the Developer and the interest earned thereon to the Purchaser; 4.2.2. the balance of the purchase price shall be payable in cash against registration of transfer of the property into the name of the Purchaser and shall be secured by payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement by the last party signing (with an automatic extension at the sole discretion of the seller), failing which this agreement shall be deemed null and void ab initio and neither party shall have any claim against the other arising herefrom, save that, subject to 5.9 below, the SELLER shall repay to the PURCHASER any amount or amounts paid by the PURCHASER to the SELLER on account of the PURCHASE PRICE. If no amount is reflected in 1.6.1 of Schedule 1, this agreement shall not be subject to such suspensive condition. The PURCHASER shall apply for such loan (and provide all necessary documentation in connection therewith, as contemplated in 5.5 and 5.10 below) within 14 a period of 7 (Fourteenseven) days from after the date of approval of the bond as stipulated in this agreementsignature hereof. 4.2.3. The Conveyancers will 5.4 This agreement shall be entitled subject to an investment fee on and conditional upon: 5.4.1 the above deposit.relevant Local Authority approving the building plans and SITE PLAN ; Initial here

Purchase Price and Payment. 4.1. The purchase price for the property shall be the sum stated in the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreement. 4.2. 3.1 The purchase price shall be payable as follows: 4.2.13.1.1 Deposits by the purchaser shall be payable as per paragraph 1.11, hereof. a holding deposit in the amount of R30,000.00 (Thirty Thousand Rand) within 7 (Seven) days of the signing date, which amount The deposits shall be paid to the Conveyancers Seller`s Conveyancer in trust who, pending transfer of the property into the name of the Purchaser, shall invest such amount, and/or any other deposit paid and invested by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. the amount is invested conveyancer in an interest-bearing account in accordance the name of the purchaser. On date of transfer the deposits will be paid to the seller. The purchaser hereby authorises and instructs the conveyancer to invest the deposit in a separate interest-bearing account with ABSA for the provisions benefit of the purchaser on the conditions set out herein after; 3.1.1.1 the amount shall be invested in a trust savings account or other interest- bearing account; 3.1.1.2 the account contains a reference to Section 86(486 (4) of the Legal Practice ▇▇▇ ▇▇▇▇ (Act No 28 of 2014); 3.1.1.3 the interest which accrues on such investment is to be for the purchaser’s benefit and is to be paid to the purchaser, after deducting, 5% of the interest earned which will be paid monthly to the Legal Practitioners Fidelity Fund in terms of section 86(5) of the Legal Practice Act No 28/2014, and costs for administering the benefit investment, as soon as possible after the date of registration of the Purchaser; andabove-mentioned transaction; 4.2.1.2. 3.1.1.4 the capital amount invested is to be paid in accordance with the Seller’s/Developer instructions on the date of registration of transfer transfer. 3.1.1.5 the purchaser is aware of the property into fact that while the name funds are so invested with the said bank, the funds are not protected against a possible liquidation of the Purchaser, the Conveyancers shall pay the deposit to the Developer and the interest earned thereon to the Purchaser;said bank. 4.2.2. 3.1.2 the balance of the purchase price shall be payable in cash against on registration of transfer of the property unit into the name of the Purchaser and Purchaser, secured by a guarantee acceptable to the seller from the financial institution granting a loan, which guarantee shall be secured delivered to the seller’s Conveyancer within 45 (forty- five) days from signing this agreement by the purchaser. The guarantee due date may be extended at the discretion of the seller. 3.2 The seller shall be entitled, in its sole and absolute discretion, to allocate any amounts received from or for the account of the purchaser to the payment of any debt or amount owing by the purchaser to the seller in terms hereof. If the seller fails to make any such allocation all amounts paid shall be deemed to have been allocated firstly to the payment of interest, secondly to the payment of amounts other than the purchase price due in terms hereof and finally to payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement or within 14 (Fourteen) days from date of approval of the bond as stipulated in this agreementpurchase price. 4.2.3. 3.3 The Conveyancers will be entitled to an investment fee on the above depositpurchase price is inclusive of value added tax.

Purchase Price and Payment. 4.1. The purchase price for the property shall be the sum stated in the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreement. 4.2. 3.1 The purchase price shall be the amount specified in the Schedule, which amount is inclusive of Value-Added Tax, payable as follows: 4.2.1. 3.1.1 a holding deposit in the amount of R30,000.00 (Thirty Thousand Rand) within 7 (Seven) days of specified in the signing dateSchedule, which amount shall be paid to the Conveyancers payable in trust whocash, pending transfer of the property into the name of the Purchaser, shall invest such amount, and/or any other deposit paid upon signature hereof by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) . The deposit paid in terms of this clause shall be invested by the Attorneys on the basis that: 4.2.1.1. the amount is invested in an interest-interest bearing account at a commercial bank on behalf of and for the benefit of the Purchaser pending transfer, whereafter it shall be released to the Seller. 3.1.2 the balance of the purchase price in accordance with the provisions of Section 86(4) clause 3.2 of the Legal Practice Act Schedule; 3.2 The Purchaser shall within 7 (SEVEN) days of receipt of a written request therefore by the Attorneys furnish the Attorneys with a bank or building society or other guarantee acceptable to the Seller, for the benefit due payment of the Purchaser; and 4.2.1.2. on registration of transfer of the property into the name of the Purchaser, the Conveyancers shall pay the deposit to the Developer and the interest earned thereon to the Purchaser; 4.2.2. the balance of the purchase price provided that such request shall not be payable in cash against registration of transfer made by the Seller prior to fulfilment or waiver of the property into suspensive condition contained in clause 4 (if applicable). 3.3 Notwithstanding the name provisions of clause 3.2, the Seller shall have the right, at any time after execution of this agreement, to request the Purchaser to furnish, within 7 (SEVEN) days of such request, proof to the satisfaction of the Purchaser and shall be secured by payment Seller confirming the Purchaser's financial ability to fulfil his obligations in terms of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement or within 14 (Fourteen) days from date of approval of the bond as stipulated in this agreement. 4.2.3. The Conveyancers will 3.4 All monies payable by the Purchaser in terms of this Agreement, and unpaid on due date, shall bear interest at the rate of 3% (three percent) above the Prime Rate, calculated from the due date of payment to the actual date of payment thereof. 3.5 All or any payments to be entitled effected hereunder shall be effected by the Purchaser to an investment fee on the above depositSeller to the Attorneys free of exchange at Cape Town and without deduction or set off.

Purchase Price and Payment. 4.1. The purchase price for the property shall be the sum stated in the Information Schedule, which purchase price is inclusive of VAT at the rate at the time of signature of this agreement. 4.2. 3.1 The purchase price shall be payable as follows: 4.2.13.1.1 Deposits by the purchaser shall be payable as per paragraph 1.11, hereof. a holding deposit in the amount of R30,000.00 (Thirty Thousand Rand) within 7 (Seven) days of the signing date, which amount The deposits shall be paid to the Conveyancers Seller`s Conveyancer in trust who, pending transfer of the property into the name of the Purchaser, shall invest such amount, and/or any other deposit paid and invested by the Purchaser, with ABSA BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. the amount is invested conveyancer in an interest-bearing account in accordance the name of the purchaser. On date of transfer the deposits will be paid to the seller. The purchaser hereby authorises and instructs the conveyancer to invest the deposit in a separate interest-bearing account with ABSA for the provisions benefit of the purchaser on the conditions set out herein after; 3.1.1.1 the amount shall be invested in a trust savings account or other interest- bearing account; 3.1.1.2 the account contains a reference to Section 86(486 (4) of the Legal Practice ▇▇▇ ▇▇▇▇ (Act No 28 of 2014); 3.1.1.3 the interest which accrues on such investment is to be for the purchaser's benefit and is to be paid to the purchaser, after deducting, 5% of the interest earned which will be paid monthly to the Legal Practitioners Fidelity Fund in terms of section 86(5) of the Legal Practice Act No 28/2014, and costs for administering the benefit investment, as soon as possible after the date of registration of the Purchaser; andabove-mentioned transaction; 4.2.1.2. 3.1.1.4 the capital amount invested is to be paid in accordance with the Seller's/Developer instructions on the date of registration of transfer transfer. 3.1.1.5 the purchaser is aware of the property into fact that while the name funds are so invested with the said bank, the funds are not protected against a possible liquidation of the Purchaser, the Conveyancers shall pay the deposit to the Developer and the interest earned thereon to the Purchaser;said bank. 4.2.2. 3.1.2 the balance of the purchase price shall be payable in cash against on registration of transfer of the property unit into the name of the Purchaser and Purchaser, secured by a guarantee acceptable to the seller from the financial institution granting a loan, which guarantee shall be secured delivered to the seller's Conveyancer within 45 (forty- five) days from signing this agreement by the purchaser. The guarantee due date may be extended at the discretion of the seller. 3.2 The seller shall be entitled, in its sole and absolute discretion, to allocate any amounts received from or for the account of the purchaser to the payment of any debt or amount owing by the purchaser to the seller in terms hereof. If the seller fails to make any such allocation all amounts paid shall be deemed to have been allocated firstly to the payment of interest, secondly to the payment of amounts other than the purchase price due in terms hereof and finally to payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement or within 14 (Fourteen) days from date of approval of the bond as stipulated in this agreementpurchase price. 4.2.3. 3.3 The Conveyancers will be entitled to an investment fee on the above depositpurchase price is inclusive of value added tax.

Purchase Price and Payment. 4.1. 3.1 The purchase price for the property shall be the sum stated in Section C of the Information Scheduleparticulars schedule (Annexure “A”) hereto, which purchase price is inclusive of VAT at the rate at the time of signature of this agreementVAT. 4.2. 3.2 The purchase price shall be payable as follows: 4.2.1. a holding 3.2.1 The deposit in the amount as indicated in Section C of R30,000.00 the particulars schedule (Thirty Thousand RandAnnexure “A”) attached to this agreement is payable within 7 (Sevenseven) days of the signing date, which amount shall be paid to the Conveyancers conveyancers in trust who, pending transfer of the property into the name of the Purchaserpurchaser, shall invest such amount, and/or any other deposit paid by the Purchaser, with ABSA STANDARD BANK (and are hereby authorised so to do,) on the basis that: 3.2.1.1 the amount is invested in an interest-bearing account in accordance with the provisions of Section 78 (2A) of the ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇ for the benefit of the purchaser; an 3.2.1.2 on registration of transfer of the property into the name of the purchaser, the conveyancers shall pay the deposit to the seller and the interest earned thereon to the purchaser; 3.2.2 the balance of the purchase price shall be payable within 21 (Twenty One) days from the signing date, to the conveyancers in trust who, pending transfer of the property into the name of the purchaser, shall invest such amount, and/or any other deposit paid by the Purchaser, with STANDARD BANK (and are hereby authorised to do so,) on the basis that: 4.2.1.1. 3.2.2.1 the amount is invested in an interest-bearing account in accordance with the provisions of Section 86(478 (2A) of the Legal Practice Act ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇ for the benefit of the Purchaserpurchaser; and 4.2.1.2. 3.2.2.2 on registration of transfer of the property into the name of the Purchaserpurchaser, the Conveyancers conveyancers shall pay the deposit balance of the purchase price to the Developer seller and the interest earned thereon to the Purchaser; 4.2.2. purchaser; In the alternative the balance of the purchase price shall be secured by the Purchaser, by delivering bank guarantee/s acceptable to the Conveyancer within 21 (TWENTY ONE) days from date of signature of this agreement. 3.2.3 Should this agreement be subject to the suspensive condition that the Purchaser has to secure finance, guarantees shall be delivered within 14 (FOURTEEN) days from date of the ▇▇▇▇ ▇▇▇▇▇. 3.2.4 The full purchase price is payable in cash to the Seller, against registration of transfer of the property into the name of the Purchaser and shall be secured by payment of the balance Purchase Price into the trust account of the Conveyancer or in the alternative by issuing a bank guarantee/s acceptable to the Conveyancer. Such guarantees shall be furnished to the Conveyancers within 14 (Fourteen) days from date of signature of this agreement or within 14 (Fourteen) days from date of approval of the bond as stipulated in this agreementpurchaser. 4.2.3. The Conveyancers will be entitled to an investment fee on the above deposit.