From: Anthony C
Hi All,
I'm selling one of my IP's for personal reasons. One offer i got was a bit different, in the contract of sale.
Under the Price and Deposit Section:
Price is $260,000 (for example)payable as follows:
(a) a deposit of $10,000 held in the real estate trust
(b) the balance on completion (60 days) and
(c) the Vendor shall on completion lend to the purchaser $52,000 on security of a second mortgage over the property, such sum to be repaid on 1/1/2005 and to bear any interest in the meantime at the rate of 3% per annum above Comm bank three month term deposit rate (reducible to 1% per annum above comm bank three month term deposit rate if paid within 14 days of the due date) which interest shall be paid quarterly in arrears and such mortgage shall contain all such terms and conditions as such mortgage shall contain in similar securities and as shall accord with good conveyancing practice and any dispute with respect therto shall be settled by an Arbitrator to be appointed.
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Sounds like i'm lending him the 20% deposit without any real security. Might use it myself for my next purchase.
Anyone got ideas for a counter offer?
Cheers
Ant.
"Let us so live that when we come to die even the undertaker will be sorry."
--Mark Twain
Hi All,
I'm selling one of my IP's for personal reasons. One offer i got was a bit different, in the contract of sale.
Under the Price and Deposit Section:
Price is $260,000 (for example)payable as follows:
(a) a deposit of $10,000 held in the real estate trust
(b) the balance on completion (60 days) and
(c) the Vendor shall on completion lend to the purchaser $52,000 on security of a second mortgage over the property, such sum to be repaid on 1/1/2005 and to bear any interest in the meantime at the rate of 3% per annum above Comm bank three month term deposit rate (reducible to 1% per annum above comm bank three month term deposit rate if paid within 14 days of the due date) which interest shall be paid quarterly in arrears and such mortgage shall contain all such terms and conditions as such mortgage shall contain in similar securities and as shall accord with good conveyancing practice and any dispute with respect therto shall be settled by an Arbitrator to be appointed.
----------
Sounds like i'm lending him the 20% deposit without any real security. Might use it myself for my next purchase.
Anyone got ideas for a counter offer?
Cheers
Ant.
"Let us so live that when we come to die even the undertaker will be sorry."
--Mark Twain
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