Transfer of ownership in the contract of sale – By concluding the contract of sale, not only does ownership of a property pass to the purchaser, but the purchaser also assumes all risks, taxes and burdens associated with ownership of the property. This allows the new owner to do with the property as they see fit. The transfer of possession is precisely defined in terms of date and is completely independent of the new owner’s entry in the land register, i.e. the transfer of ownership.
Transfer of ownership in the contract of sale at a glance: Assumption of responsibility for a property
- Refers to the ownership of a property and the risks, taxes and burdens associated with it
- Done at the conclusion of the contract of sale
- The date of transfer of ownership is precisely defined
- Is independent of the transfer of ownership
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