hello all i'm currently looking at purchasing a older property on a 700m2 block of land that has been subdivided and they have now built 2 new townhouses at the back. (1-2 months of completion)
my question being one of their clauses in the contract of sale was this
Here is that clause
"The Purchaser shall not raise any requisition or objection if on settlement date a separate certificate of title to the Land has not issued from the Land Titles Office. The Purchaser shall accept at settlement an order to the Registrar of Titles directing the Registrar of Titles to deliver the certificate of title to the land to the Purchaser or as the Purchaser may direct when the certificate of title issues from the Land Titles Office."
My Solicitor has told me that normally the big 4 banks will accept this but the second tier banks wont accept this. meaning if at settlement they reject it I could go into penalty interest.
the purchase price is below 250k so i get a better deal with a second tier bank rather then the big 4.
is this clause normal for a off the plan deal? anyone had this experience before?
my question being one of their clauses in the contract of sale was this
Here is that clause
"The Purchaser shall not raise any requisition or objection if on settlement date a separate certificate of title to the Land has not issued from the Land Titles Office. The Purchaser shall accept at settlement an order to the Registrar of Titles directing the Registrar of Titles to deliver the certificate of title to the land to the Purchaser or as the Purchaser may direct when the certificate of title issues from the Land Titles Office."
My Solicitor has told me that normally the big 4 banks will accept this but the second tier banks wont accept this. meaning if at settlement they reject it I could go into penalty interest.
the purchase price is below 250k so i get a better deal with a second tier bank rather then the big 4.
is this clause normal for a off the plan deal? anyone had this experience before?
