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EXPLANATORY NOTES: AGREEMENT FOR THE SALE OF A MEMBER’S INTEREST AND CLAIMS ON LOAN ACCOUNT IN A CLOSE CORPORATION, WHERE THE ONLY ASSET OF THE CLOSE CORPORATION IS IMMOVABLE PROPERTY (AND NOT A BUSINESS)
This agreement is for use where the asset is immoveable property and NOT a business. It may be used where the underlying immovable property is for residential or commercial purposes. The tax treatment is different when the immovable property is for residential as opposed to commercial purposes and we have included a guidance note in the document to assist therewith.
This is a very detailed agreement that may be used to effect the sale of a member’s interest and claims on loan account in a close corporation, where the sole asset of that CC is immovable property (and not a business).
This agreement is subject to suspensive conditions. Please pay attention to our extensive drafting notes in the agreement regarding suspensive conditions.
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PLEASE NOTE this agreement must be used in conjunction either with the unilaterally-applicable confidentiality undertaking that the seller may require of the purchaser, or the bi-laterally applicable confidentiality agreement that the parties may require of each other; both of the latter legal documents are available on this site and their conclusion is a suspensive condition of the sale agreement. Please ensure that the necessary confidentiality document is purchased and executed PRIOR to the conclusion of the sale agreement. Please also ensure that the necessary individual confidentiality undertaking is purchased.
IT IS NECESSARY to ensure that the relevant confidentiality arrangements are in place, especially if the transaction does not go through. All necessary confidentiality undertakings (both corporate and individual) as well as confidentiality agreements are available for sale on this site at nominal prices.
This SALE OF A MEMBER’S INTEREST AND CLAIMS IN A CLOSE CORPORATION OWNING ONLY IMMOVABLE PROPERTY agreement:
This SALE OF A MEMBER’S INTEREST AND CLAIMS IN A CLOSE CORPORATION OWNING ONLY IMMOVABLE PROPERTY agreement contains the following clauses:
Please read carefully through the agreement and fill in all missing details; in preparing a signature document, please have regard to all the notes we have placed therein to assist you with the conclusion of a professional, legally binding agreement.
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