1. Is a sale of land agreement where the purchaser pays the purchase price to the seller
- in more than two instalments
- over a period exceeding one year
ii a) Governed by Chapter II of the Alienation of Land Act (68 of 1981)
b) as well as the National Credit Act 34 of 2005- consumer credit legislation
iii ‘Land’ means any land used or intended to be used mainly for residential purposes
- excludes agricultural land
- includes a sectional title unit and in any undivided share in the land
iv Seller retains ownership of land
v Contract is recorded against title deed2. “Is a ‘contract’ as defined in Section 1 the Alienation of Land Act (68 of 1981) deemed to be a agreement for purposes of the National Credit Act?”
i. When the purchaser/lessee is a juristic person:
