When it comes to buying or selling a property, a contract of sale is an essential document that outlines the terms and conditions of the transaction. This legal agreement provides clarity and security for both the buyer and seller.

While every contract of sale will vary based on individual circumstances, there are certain elements that are typically included. Here is an example contract of sale of property, with explanations of each section:

1. Parties involved: This section will identify the buyer and seller, along with any legal representatives or agents.

2. Property details: This section will describe the property being sold, including the address, boundaries, and any fixtures or fittings included in the sale.

3. Purchase price and payment terms: This section will outline the agreed-upon purchase price for the property, as well as the payment terms and schedule.

4. Deposit: This section will specify the amount of the deposit to be paid by the buyer, as well as the deadline for payment.

5. Conditions of sale: This section will outline any conditions that must be met before the sale can be completed, such as a satisfactory building inspection or the clearance of any outstanding liens or encumbrances.

6. Settlement: This section will specify the date and time of settlement, when the final payment will be made and the property will officially change hands.

7. Transfer of title: This section will outline the process for transferring legal ownership of the property to the buyer, including any required documentation or fees.

8. Possession: This section will specify when the buyer will take possession of the property, and any conditions or obligations related to the handover.

9. Special conditions: This section will include any additional terms or agreements that have been negotiated between the parties, such as a leaseback arrangement or inclusion of specific chattels.

10. Signatures: This section will include signatures from both the buyer and seller, as well as any witnesses or legal representatives.

It is important to note that this is just an example contract of sale, and individual contracts may have additional clauses or different wording. It is always recommended to seek legal advice when drafting or reviewing a contract of sale, to ensure that all legal requirements are met and that your rights and interests are protected.