Financial Services Board Act, 1990
R 385
Property Time-Sharing Control Act, 1983 (Act No. 75 of 1983)4. Contents of contract |
| (1) | Without derogating from the requirements of any other law, a contract shall contain— |
| (a) | the names of the purchaser and the seller and their residential or business addresses in the Republic; |
| (b) | a description of the legal basis and duration of the relevant property time‑sharing scheme and of the time-sharing interest which is the subject of the contract, including the recurrent period during which and the conditions on which the purchaser shall be entitled to the relevant time-sharing interest; |
| (c) | a description of the relevant immovable property; |
| (d) | a statement as to whether such immovable property is held by the seller by virtue of ownership or lease and, in the case of a lease, the name and address of the lessor and the duration of the unexpired period of such lease; |
| (e) | if the seller is not the registered owner of such immovable property, the name and address of that owner; |
| (f) | if the immovable property is encumbered by a mortgage bond, the name and address of the person, in favor of whom, or, in the case of a participation bond, the name and address of the relevant nominee company referred to in the Participation Bonds Act, 1981 (Act No. 55 of 1981), in favor of which the mortgage bond is registered at the time the contract is concluded; |
| (g) | the amount or nature of the relevant consideration; |
| (h) | the annual rate at which interest (if any) is to be paid on any balance in respect of the relevant consideration; |
| (i) | the amount, or the method of determining the amount, of each instalment payable under the contract in reduction or settlement of the relevant consideration (if any); |
| (j) | the due date, or the method of determining the due date, of each such instalment; |
| (k) | if a certificate in terms of section 7 (1) in respect of the relevant accommodation has not been issued at the time the contract is concluded, the latest date by which such certificate, subject to subsection (2), will be issued and delivered to the purchaser; |
| (l) | a statement of the place at which and the hours during which written details of the relevant property time-sharing scheme and of any rules in accordance with which the relevant time-sharing interest is to be utilized, may be inspected; |
| (m) | an inventory of any movables which will be available for use by the purchaser in conjunction with the relevant time-sharing interest; |
| (n) | a statement as to the official language chosen by the purchaser in terms of section 3. |
| (2) | The date stated in a contract in terms of subsection (i) (k), shall not be later than three years from the date of the contract. |
| (3) | If for any reason whatsoever the seller is unable, by the date referred to in subsection (1) (k), to furnish the certificate referred to in that subsection, the purchaser may cancel the contract, in which event the parties shall be entitled to the relief provided for in section 9, or the purchaser may abide by the contract, in which event no interest shall be payable by him in terms of the contract as from the date in question until such time as such certificate is furnished to him. |
