13 December 2014
My clients have signed a contract of sale to purchase land settling in November 2015. They wish to onsell that land prior to settlement. Can you please direct me to the precedents I would need to rely upon and/or wording in order to prepare contract of sale and vendor statement?
There is no magic to such contracts. You simply prepare a normal contract naming the current purchaser as the vendor and provide all usual particulars in the contract and vendor statement.
The only addition is that the existing contract and vendor statement is included as an annexure and a special condition is added whereby the purchaser acknowledges that all of the conditions of the existing contract are conditions of the new contract.
It is permissible to redact details of the price in the existing contract.
Duty will be payable on both contract considerations.
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