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Risk, Rates, Rental Income and Ownership:The seller is responsible for any loss or damage caused by him (or his children or employees and so on) before the purchaser takes transfer. The agreement can be altered to state that the buyer is responsible for any loss or damage of any kind whatsoever from the date that the buyer takes occupation of the property.In the case of accidental damage or damage due to 'acts of God' the buyer carries the risk from the date of conclusion of a contract, provided the contract is not subject to suspensive conditions, in which case the risk remains with the seller. If the conditions are fulfilled, the risk is deemed to have passed to the buyer.Usually from the date of transfer the buyer will have all benefits attached to the property and all the risk of the property will pass to the buyer.The buyer will be liable for all rates and taxes and/or levies payable on the property from date of transfer and the buyer will have to refund to the seller, any amounts paid upfront in respect of the rates and taxes and/or levies on the property.The buyer will have the benefits of any rental income on the property, (if the property is let to a third party at the time of purchase), only once transfer takes place, although this can be regulated contractually between the parties.Ownership of the property takes place on transfer and not on occupation.Registration and Transfer Fees
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