OCCUPATION / COMPLETION Clause Samples

OCCUPATION / COMPLETION. 5.1 The Seller shall give the Purchaser occupation of the Property on the Occupation Date/Completion Date. 5.2 The Purchaser shall accept occupation of the Property on the Occupation Date/Completion Date. 5.3 All risk and benefit in and to the Property will pass to the Purchaser on the Occupation Date/Completion Date, by which date the Developer will have constructed the Property in accordance with the Specifications. 5.4 Notwithstanding the Occupation Date/Completion Date, the Purchaser shall have no claim whatsoever against the Seller in the event that the Occupation/Completion Date, for any reason is delayed or anticipated earlier. Should the Occupation Date/Completion Date, as determined by the Seller, be amended (delayed or made earlier), the Seller shall give the Purchaser 30 (thirty) days written notice (via email) advising of the date on which the Property will be ready for occupation and such date shall become the new Occupation Date/Completion Date. 5.5 Should the Property be registered after the Occupation Date, the Purchaser shall pay the following amounts monthly in advance: 5.5.1 Occupational Rental, calculated at 0.35% of the total Purchase Price, payable to the Seller, from the Occupation Date until date of Transfer irrespective of whether the Purchaser is physically residing in the Property or not. 5.5.2 The Estimated first month’s levy shall be payable to the Conveyancer in accordance with clause 5.6.2. 5.5.3 Water consumption, electricity, effluent and gas (if applicable) is payable. 5.5.4 Effluent charges payable monthly to the relevant local authority from the Occupation Date. 5.6 The following is payable by the Purchaser to the Conveyancer on signature of bond and transfer documents and prior to the Occupation Date: 5.6.1 Estimated Electrical and Water Connection Fee of R3500.00, ONCE OFF 5.6.2 Estimated first month’s levy of R 16.00 per square meter subject to escalation, is payable to the Conveyancer. This levy is an estimate and is subject to annual increases as determined by the Body corporate. This levy is payable to the Body Corporate after the first month following the Occupation Date. 5.7 Notwithstanding the provisions of this clause, occupation of the Property shall only be given to the Purchaser once the Purchaser has complied in full with clause 3 (Property Description and Payment of Purchase Price), clause 5 (Occupation/Completion), and clause 8 (Transfer). Should the Purchaser not be given occupation due to the non- compl...