| (1) | Without derogating from the requirements of any other law, a contract, if the seller concerned is a developer, shall contain the following: |
| (a) | The names of the purchaser and the seller and their residential or business addresses in the Republic; |
| (c) | the duration of the housing interest and any other limitations thereon; |
| (d) | a statement as to whether the housing interest is registrable; |
| (dA) | a statement as to whether the title deed of the land has been endorsed as referred to in section 4C; |
[Subsection (1)(dA) inserted by section 2(a) of Act No. 70 of 1990]
| (e) | a description of the land concerned, including the erf and unit member (if any), the extent thereof and the magisterial district in which it is situated; |
| (f) | a statement as to whether the land is held by the seller by virtue of ownership or otherwise; |
| (g) | if the seller is not the owner of the land— |
| (i) | the name and address of the owner; |
| (ii) | the nature of the seller's right to the land; |
| (iii) | the period for which the right is being held; |
| (iv) | the obligations (if any) of the seller, arising from the right; and |
| (v) | a statement of the place where and the hours during which a document which confirms the existence of the right, or a certified copy thereof, may be inspected; |
| (h) | if the land is encumbered by a mortgage bond— |
| (i) | the name and address of the person in favour of whom, or, in the case of a participation bond, the name and address of the relevant nominee company contemplated in the Participation Bonds Act, 1981 (Act No. 55 of 1981), in favour of which, the mortgage bond is registered at the time the contract is concluded; and |
| (ii) | the outstanding balance owing by the mortgagor in terms of the mortgage bond; |
| (hA) | in the case of a housing interest consisting of a right of occupation, the amount, if any, of the consideration payable by the purchaser which will be applied by the seller in reduction of the outstanding balance owing by the mortgagor in terms of the mortgage bond; |
[Subsection (1)(hA) inserted by section 2(b) of Act No. 70 of 1990]
| (i) | the amount or nature of the consideration concerned; |
| (j) | the annual rate at which interest (if any) is to be paid on any balance in respect of the consideration; |
| (k) | the amount, or the method of determining the amount, of each instalment payable in terms of the contract in reduction or settlement of the consideration concerned (if any); |
| (l) | the due date, or the method of determining the due date, of each such instalment; |
| (m) | if a certificate contemplated in section 6(1) has not been issued at the time the contract is concluded, the latest date by which such certificate, subject to subsection (2), will be issued and furnished to the purchaser; |
| (n) | a statement of the place where and the hours during which rules (if any), in accordance with which the housing interest concerned is to be utilized, may be inspected; |
| (i) | of the location, nature and extent of any facilities or services which are to be provided or rendered in connection with the housing interest concerned; |
| (ii) | of the rights and obligations of the purchaser in connection with the utilization of those facilities or services; |
| (iii) | without derogating from the above, as to whether any such facility or service provides for the care of debilitated persons; and |
| (iv) | of the date by which the facilities or services contemplated in subparagraphs (i) and (iii) will be provided or rendered; |
| (p) | a statement of the official language chosen by the purchaser under section 3; |
| (q) | the date on which the purchaser will become entitled to utilize the housing interest; |
| (r) | if applicable, the date upon which the risk of the housing interest will pass to the purchaser; |
| (s) | a statement of the obligation (if any) of either the seller or the purchaser to insure the subject matter of the contract; |
| (i) | of any amount which in terms of any law is payable in respect of the land as endowment, betterment or enhancement levy, a development contribution or any similar imposition, and an indication of the person to whom and the person by whom it is payable; or |
| (ii) | that no amount contemplated in subparagraph (i) is payable in respect of the land, if such is the case; |
| (u) | an indication of the party who is liable for the payment of the costs of the drafting of the contract and (if applicable) the transfer of the land; |
| (v) | if the seller is the owner of the land, an undertaking by him that the land will not be encumbered or further encumbered by a mortgage bond, as the case may be; |
| (w) | if applicable, the period within which the purchaser is obliged or may be compelled to take transfer of the land against simultaneous payment of all amounts owed by him in terms of the contract; |
| (x) | an estimate, for a period of three years in advance, of all expenditure for the control, management and administration of the housing development scheme and all services and facilities concerned, and an indication of the person or persons who will be liable for the payment thereof, and a statement that over and above any levy contemplated in paragraph (y), the purchaser will not be liable for the payment of any such expenditure; |
| (y) | a statement of the basis upon which any levy payable by the purchaser is to be calculated, and an estimate, for a period of two years in advance, of the amount of the levy; |
| (z) | a reference to the rights and remedies of the purchaser in terms of subsection (3) and sections 8 and 9; |
| (aa) | a statement as to the percentage of the total number of housing interests in the housing development scheme concerned which is reserved for alienation to retired persons only; |
| (bb) | a concise outline of the management structure or proposed management structure of the housing development scheme concerned; |
| (cc) | such further particulars as may be prescribed by regulation. |
| (2) | The date stated in a contract in terms of subsection (1)(m), shall not be later than two years from the date of conclusion of the contract. |
| (3) | If, for any reason whatsoever, the seller is unable, by the date referred to in subsection (1)(m) to furnish the certificate referred to in that subsection, the purchaser may cancel the contract, in which event the parties shall be entitled to the relief provided for in section 8, or the purchaser may abide by the contract, in which event no interest shall be payable by him in terms of the contract as from the date in question until such time as the certificate is furnished to him. |
| (4) | The date stated in a contract in terms of subsection (1)(r), shall not be earlier than the date stated in terms of subsection (1)(q). |
| (5) | A provision in a contract whereby— |
| (a) | any person who acted on behalf of the seller in connection with the conclusion of the contract or the negotiations which preceded the conclusion of the contract, is appointed or is deemed to have been appointed as the agent of the purchaser; |
| (b) | the seller is exempted from liability for any act, omission or representation by any person acting on his behalf; |
| (c) | the liability of the seller to indemnify the purchaser against eviction is restricted or excluded; |
| (d) | the purchaser binds himself in advance to agree to an assignment by the seller of his obligations in terms of a contract, |
shall be null and void.
| (6) | A rouwkoop stipulation in a contract in terms of which the purchaser is deemed to have terminated the contract on account of any act or omission on his part and he, in consequence thereof, is liable for any forfeiture or for the payment of a penalty or damages or for the delivery or performance of anything, or any other stipulation of like import, shall be subject to the Conventional Penalties Act, 1962 (Act No. 15 of 1962), as if that stipulation were a penalty stipulation contemplated in that Act. |
