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What is an Instalment Sale Agreement?

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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 deed


2. "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:


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