Asked by Anonymous
Dear Sir,
I would like to know whether :-
1) Can we specify in the SPA to request Vendor’s Lawyer shall obtain from the Chargee the Chargee’s Redemption Statement and Undertaking within certain period from the date of SPA. Failing which, the SPA is deemed void ?
2) Can we specify in SPA that If the Redemption Sum exceeds the Balance Purchase Price and requested the Vendor shall forthwith upon demand pay the excess to the Chargee within certain period upon receipt of the Balance Purchase Price ? (instead of Completion Date ie within 3months) ?
3)Upon full settlement of the Balance Purchase Price from the Purchaser, how is the process of releasing of payment to Vendor Lawyer and how to redeem the Original Title from the Vendor Bank if the house still charge to the Bank.
4) How would the Vendor to settle the house loan if the Redemption Sum exceeds the Selling Price ?
Thank you.
I would like to know whether :-
1) Can we specify in the SPA to request Vendor’s Lawyer shall obtain from the Chargee the Chargee’s Redemption Statement and Undertaking within certain period from the date of SPA. Failing which, the SPA is deemed void ?
2) Can we specify in SPA that If the Redemption Sum exceeds the Balance Purchase Price and requested the Vendor shall forthwith upon demand pay the excess to the Chargee within certain period upon receipt of the Balance Purchase Price ? (instead of Completion Date ie within 3months) ?
3)Upon full settlement of the Balance Purchase Price from the Purchaser, how is the process of releasing of payment to Vendor Lawyer and how to redeem the Original Title from the Vendor Bank if the house still charge to the Bank.
4) How would the Vendor to settle the house loan if the Redemption Sum exceeds the Selling Price ?
Thank you.
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