Real Estate Sales Contract Clauses 6-10
Article 6: Date of ownership transfer
The ownership of the Property shall be transferred from the Seller to the Buyer when the Buyer pays the Seller the full amount of the purchase price and the Seller receives the payment.
Article 7: Delivery
1. The Seller shall deliver the Property to the Buyer on the indicated delivery date.
2. Upon delivery of the Property, the Seller and the Buyer shall prepare a document stating the date of completion of delivery (hereinafter referred to as the "Date of Completion of Delivery").
Article 8: Cancellation of mortgage
The Seller shall, at its responsibility and at its expense, remove and extinguish any liens, mortgages or other security interests, superficies, leaseholds or other usufructuary rights, or any other burdens, regardless of their nominal form, that prevent the Buyer from attaining the full title to the Property by the time of transfer of ownership under Article 6.
Article 9: Registration of ownership transfer
1. The Seller shall apply for the registration of ownership transfer of the Property to the name of the Buyer upon receipt of the full amount of the purchase price.
2. Of the expenses required for the application for registration set forth in the preceding paragraph, the Buyer shall bear the expenses for registration and registration costs related to the sale.
Article 10: Loss or damage before completion of delivery
1. The Seller and the Buyer may terminate this contract by mutual written notice if, prior to the completion of delivery of the Property, the Property is lost or damaged due to a natural disaster or other cause beyond the control of either the Seller or the Buyer, and it is impossible to repair the damage or excessive costs are required to repair the damage, making the fulfillment of this contract impossible. The Buyer may terminate this contract by written notice to each other. The Buyer may also refuse to pay the purchase price until this Contract is terminated.
2. If the Property is damaged for any of the reasons set forth in the preceding paragraph before the completion of delivery of the Property, but the fulfillment of this Contract is possible by repairing the Property, the Seller shall repair the Property and deliver it to the Buyer.
3. Upon termination of this Contract pursuant to Article 1, the Seller shall promptly return the money received to the Buyer without interest.
Arrows International Realty Corp.