Overview
Upon receipt of the purchaser’s financier’s letter confirming the loan has been granted to the purchaser, and inter alia requesting for the redemption sum information and relevant documents and undertakings, the vendor shall proceed to comply with any reasonable requests.
Usually, the vendor is required to sign an undertaking in favour of the purchaser’s financier to refund the loan sum released in the event the memorandum of transfer is unable to be registered for any reason whatsoever, resulting in the purchaser’s financier’s charge (form 16A of the National Land Code) not being registered.
Once this undertaking is prepared, the vendor’s solicitor has to arrange for the vendor to execute it and return it to the purchaser’s solicitor together with the redemption sum information and other documents requested within fourteen (14) days from the date of the request.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Sale of Real Property - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - Jayadeep Hari & Jamil
Overview
This step by step guide provides a comprehensive directory and convenient precedents which will help ensure a smooth and easy property sale.
This publication will guide you from the point of negotiation straight through to transfer of title. The guide includes practical commentary ensuring that no issues are overlooked together with a broad range of precedents.
All matters are covered including;
- Land Title Searches
- Bankruptcy Searches
- Essential preliminaries for property with OR without title
- Caveats
- Strata Title Act 1985
- Finalisation
This guide is written by lawyers for lawyers and consequently it is practical, efficient and easy to use.