Please review ,sales agreement

[Meteor]

I would really appreciate any help with the contract's setup. The purchase is from a verified private person and I have chosen not to use a third party so I would like to get this right the first time.

Please look for anything to add or remove.

Thanks Uwe


1. ************ (seller) warrants that he is the owner of the articles (section 3.) and is entitled to sell these items.

2. The purchaser ******* (purchaser)warrants that he is legally entitled to purchase the items covered by this agreement.

3. The items are as follows
3.1 *****
3.2 *****
3.3 *****
The items have been photographed and received by the purchaser

4. The purchaser will make full payment of R ******** to the seller for the items. Payment will be by means of electronic fund transfer to the seller’s bank account within a period of 3 working days of conclusion of sale agreement.

5. The seller will send required documentation to purchaser for application for license application within 2 weeks of receipt of payment to an address nominated by purchaser via registered mail- SAPS 271 ,copy of existing licence ,confirmation of sale letter and copy of id document.

6. The seller will store the items for the purchaser at his private facility for a period of up to 1 year from of date of sale or until such time the purchaser is in possession of a licence and can furnish the seller with proof of issue, at which time the articles will be released to the purchaser.

7. The purchaser will arrange for transportation of the articles at the purchaser’s cost to a destination where he may take possession of the articles when he is legally entitled to be in possession of the firearms as per paragraph 6 above.

8. Should the purchasers application for a licence be refused the firearms and items ( section 3.) shall remain the property of purchaser and seller will transfer the items to a registered firearms dealer. Costs of storage , transport and arrangement thereof will be for the purchaser.


Purchaser_________________________Witness_________ ____________________



Seller_______________________Witness______________ _____________

[Andrew Leigh]

In 1. and 2. Include the I.D. Numbers.

I don't understand the "items have been photographed" point? It this to attest the condition at the time of sale, if so be more specific.

Given it takes about 3 months to get a license why a 12 month storage period?

I would add that payment needs to be cleared by your bank before ownership transfers.

What happens if he disappears off the face of the planet, what happens with the goods then? I would have an automatic 90% buyback clause leaving you the freedom to dispose of the asset again without the hassle of trying to find the owner. Put his 90% in an interest bearing account for a period.