Common use of Transfer Registration Clause in Contracts

Transfer Registration. 1. After the Property is delivered for use, both parties agree to proceed according to Term (3) here below: (1) Both parties jointly apply to the title registration authority for registration of title transfer of the Property. (2) The Buyer agrees to appoint to apply to the title registration authority for title transfer registration of the Property, and the fee payable to the appointed attorney shall be RMB (in capital letters). (3) See details in covenants in the Supplementary Agreement. 2. If the Buyer fails to obtain the title certificate of the Property within 360 days from the date of delivery of the Property due to the Seller’s reason, both parties agree to proceed according to Term (2) here below: (1) The Buyer shall have the right to reject and return the Property. If the Buyer rejects and returns the Property, the Seller shall refund the total previously paid price to the Buyer within × days from the arrival date of the rejection notice plus interest calculated using the interest rate of ×. If the Buyer chooses not to return the Property, the Seller shall pay a daily penalty equivalent to × of the total previously paid price to the Buyer for the period from the day immediately following expiration of the time limit for obtainment of the title certificate of the Property by the Buyer to the date when the Buyer actually receives the title certificate, and the penalty shall be paid to the Buyer within × days from the day when the Buyer actually receives the title certificate. (2) Both parties shall perform applicable covenants in Attachment V and the Supplementary Agreement.