SOHU » Topics » Article 17 Registration of Ownership Transfer
This excerpt taken from the SOHU 10-Q filed May 8, 2007.
Article 17 Registration of Ownership Transfer
The Seller shall indemnify the Buyer against any and all claims, demand or disputes by any third party in connection with the ownership of the house. If the registration of
ownership transfer of the house can not be fulfilled or any disputes of ownership arise out of the house, the Seller shall assume the following liabilities: (as set out in Exhibit 8)
After the house has been handed over to the Buyer, the parties agree to settle the problems in the following 1 manner.
Both Parties apply with the ownership registrar for registration of ownership transfer of the house. (as specified in Exhibit 8)
The Buyer retains a third party to apply with the ownership registrar for registration of ownership transfer of the house.
The Buyer agrees to retain X to apply with the ownership registrar for registration of ownership transfer of the house at the
service fees of RMB X .
In the case the Buyer fails to obtain the Certificate of Ownership of the house within X days of the delivery of the house,
the parties agree to settle the problem as follows.
If the failure is caused by the fault of the Seller, the Buyer shall have the right the reject the house. If the Buyer elect to do so, the Seller shall , within
X days of the receipt of the notice of rejecting the house, refund the Buyer all the sum already paid by the Buyer and pay to the Buyer an interest of
X of the sum of refund. If the Buyer does not reject the house, an interest shall be calculated at a daily rate of X of the sum already
paid by the Buyer as of the due date of obtaining the certificate of ownership until the obtaining is actually fulfilled and the Seller shall pay to the Buyer such interest within X days from
the date of fulfillment.
If the failure is caused by the fault of the Buyer, the Buyer shall assume such losses at its sole expenses.
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