The Car Buyer » Contract of Sale

Contract of Sale

This sale agreement with the NCO (yellow form) which we provide is completed at the time of sale.

The following is required from the seller:
  • The original Natis certificate of registration.
  • The sellers ID document.
  • The sellers banking details for payment.
  • In some cases, the sellers proof of address may also be required.

alt : Dummy sale agreement.pdf

Explanation of sale agreement contract

In the event that payment is made and the funds do not reflect in the sellers designated bank account, the seller agrees to keep the vehicle in safe custody until the funds are successfully transferred and release the vehicle to the buyer once the transaction is completed
Although we have a relatively high success rate for immediate payments, there are times where transfers can be delayed in which case the vehicle will be collected once the payment clears. In this event, the car remains with the seller but we take the sale agreement and all the relevant paperwork.

FNB pay and clear:
Pay and Clear transactions take up to 60 seconds to complete, unlike the traditional EFTs that take up to 2 business days. Clients can experience delays because the transactions cannot be batch processed, but the delay will not take more than 60 minutes.

Standard bank real time clearance:
Immediate Payments or Real Time Clearance, is the ability to pay a beneficiary at another bank within 60 seconds. Immediate Payments can only be made between 06:00am to 17:00pm and up to value of R200 000 (R10 000 on the Beta App).

Due to fraud monitoring, Standard Bank may delay the payment for new beneficiaries, once-off beneficiaries or where the beneficiary banking details have been amended, for 2 hours to give the clients the ability to react to a My Updates message, should a transaction be fraudulent.
I, the seller hereby declare that I am the legal owner of the above vehicle. I further declare that the vehicle is paid in full, that there are no outstanding claims from any person or institution whatsoever and I am entitled to deal freely with it. I further guarantee that the vehicle is not stolen and accept responsibility should the vehicle have been involved in any illegal activities including all traffic offenses in the past, prior to this date.
Although we are buying the vehicle as is, with no guarantees with regards to the mechanical reliability, the same does not apply to the legal status of the car. Any discrepancies related to the vehicles status include engine, V.I.N number, traffic offenses and penalties will remain the responsibility of the seller up to the date delivery was taken.
The seller assures the buyer that the certificate of registration and license disk supplied are the original most recent Natis documents and if the documents are insufficient for the transfer of ownership, the seller will make available the necessary paperwork at their own expense.
In rare cases, the seller could be in possession of an invalid certificate of registration. For example: If you lose your certificate of registration and apply for a duplicate, the new duplicate supersedes the previous original. If you find the first original and provide that document with the sale of the vehicle, we will have a problem transferring ownership. Again, this is rare, but it can happen.
The rest is self-explanatory.

Want to create your own sale agreement? Try the vehicle sale agreement generator on - 2022