Common use of Transfer Registration Clause in Contracts

Transfer Registration. 1. Upon the delivery of the Commodity Real Property, the Parties agree that the provisions in paragraph (2) below shall apply: (1) The Parties agree to make a joint effort in applying for registration of ownership transfer in respect of the Commodity Real Property with the competent property ownership registration authority. (2) The Buyer agrees to entrust Beijing ▇▇▇▇▇ ▇▇▇▇ Real Estate Brokerage Co., Ltd. to apply for registration of ownership transfer in respect of the Commodity Real Property with the competent property ownership registration authority, with a commission of RMB one thousand and two hundred (in words). 2. If the Buyer fails to obtain the property ownership certificate of the Commodity Real Property within seven hundred and twenty (720) days upon the actual delivery due to reasons imputable to the Seller, the Parties agree that the following paragraph (1) shall apply: (1) The Buyer shall have the right to return the Commodity Real Property, in which case, the Seller shall, within thirty (30) days upon the service of the notice on returning the Commodity Real Property, refund to the Buyer the full amount of purchase price paid by the Buyer, along with interest accrued thereon at the term deposit rate announced by the People’s Bank of China for the same period. If the Buyer elects not to return the Commodity Real Property, the Seller shall pay a default penalty, at a daily rate of 0.02% of the total price that the Buyer has paid from the day immediately next to the date when the Seller should have obtained the property ownership certificate to the actual date of obtainment, to the Buyer within thirty (30) days after such property ownership certificate has been obtained. (2) X.