Contract of Sale of Commercial Property

SELLER'S LETTERHEAD

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

CONTRACT OF SALE OF COMMERCIAL PROPERTY

This Contract of Sale is made and entered into on this {{day}} day of {{month}}, {{year}}

BETWEEN:

{{seller_company_name}}, a company duly incorporated in accordance with the laws of {{seller_jurisdiction}}, with its principal place of business at {{seller_address}} (hereinafter referred to as "the Seller")

AND

{{buyer_company_name}}, a company duly incorporated in accordance with the laws of {{buyer_jurisdiction}}, with its principal place of business at {{buyer_address}} (hereinafter referred to as "the Buyer")

1. PROPERTY DESCRIPTION

The Seller hereby agrees to sell and the Buyer hereby agrees to purchase the commercial property located at {{property_address}}, legally described as {{legal_description}} (hereinafter referred to as "the Property").

The Property includes all fixtures, fittings, and improvements permanently attached thereto and all rights, servitudes, and appurtenances belonging to or enjoyed with the Property.

2. PURCHASE PRICE

The total purchase price for the Property is {{currency}} {{purchase_price}} ({{purchase_price_words}}).

A deposit of {{currency}} {{deposit_amount}} ({{deposit_amount_words}}) shall be paid by the Buyer to the Seller's attorney, {{attorney_name}}, into trust account number {{trust_account_number}} within {{deposit_days}} days of the signing of this Contract.

The balance of the purchase price, amounting to {{currency}} {{balance_amount}} ({{balance_amount_words}}), shall be paid on or before the date of transfer of ownership of the Property into the Buyer's name.

3. CONDITIONS PRECEDENT

This Contract is subject to the fulfilment of the following conditions precedent:

3.1. The Buyer obtaining a loan from a recognised financial institution for an amount of not less than {{currency}} {{loan_amount}} by {{loan_approval_date}}.

3.2. The Seller obtaining all necessary municipal clearances and certificates of compliance prior to transfer.

4. POSSESSION AND OCCUPATION

Vacant possession of the Property shall be given to the Buyer on the date of transfer, unless otherwise agreed in writing.

Should the Buyer take occupation of the Property prior to transfer, the Buyer shall pay occupational rent to the Seller at the rate of {{currency}} {{occupational_rent_amount}} per month, commencing from the date of occupation until the date of transfer.

5. TRANSFER AND COSTS

Transfer of ownership of the Property shall be effected by the Seller's appointed conveyancing attorneys, {{conveyancing_attorney_name}}.

The Buyer shall be responsible for all transfer duties, conveyancing fees, and other costs directly associated with the registration of transfer of the Property into the Buyer's name.

The Seller shall be responsible for all costs related to obtaining municipal clearances and rates up to the date of transfer.

6. BREACH

Should either party commit a breach of any of the terms or conditions of this Contract and fail to remedy such breach within {{breach_notice_days}} days of receipt of written notice requiring such remedy, the innocent party shall be entitled, without prejudice to any other rights it may have in law, to:

6.1. Claim specific performance of the terms of this Contract; or

6.2. Cancel this Contract and claim damages.

7. GOVERNING LAW AND JURISDICTION

This Contract shall be governed by and construed in accordance with the laws of {{governing_jurisdiction}}.

The parties hereby consent to the non-exclusive jurisdiction of the courts of {{jurisdiction_for_disputes}} in respect of any dispute arising out of or in connection with this Contract.

8. ENTIRE AGREEMENT

This Contract constitutes the entire agreement between the parties with regard to the subject matter hereof and supersedes all prior agreements, understandings, and representations, whether oral or written.

No alteration, variation, or cancellation of this Contract shall be of any force or effect unless reduced to writing and signed by both parties.

SIGNATURE BLOCK

SIGNED at {{seller_signing_city}} on this {{seller_signing_day}} day of {{seller_signing_month}}, {{seller_signing_year}}.

_____________________________

For: {{seller_company_name}}

Name: {{seller_signatory_name}}

Capacity: {{seller_signatory_capacity}}

SIGNED at {{buyer_signing_city}} on this {{buyer_signing_day}} day of {{buyer_signing_month}}, {{buyer_signing_year}}.

_____________________________

For: {{buyer_company_name}}

Name: {{buyer_signatory_name}}

Capacity: {{buyer_signatory_capacity}}

WITNESSES:

1. _________________________

Name: {{witness1_name}}

2. _________________________

Name: {{witness2_name}}