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31 JANUARY 2011 – WHO RECEIVES THE ORIGINAL CONTRACT?

31 JANUARY 2011 – WHO RECEIVES THE ORIGINAL CONTRACT?

Q. Which party should be given the originally signed Contract of Sale after it is signed, the Seller or the Buyer?

A. The usual practice is for the Buyer to be given the originally signed Contract.

Why? Under the Standard REIQ Contract the buyer must pay all Stamp Duty on the Contract. Under the Duties Act the original of a document is normally required to be stamped rather than a copy. Accordingly, the Buyer should be given the originally signed Contact.

Note – The duplicate copy of a Contract is not normally used for stamping although if the original contract has not been stamped the duplicate can be used for stamping purposes.

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