Considering buying an property that has 4 separate mortgages and 2 caveats on it. Never seen anything like that on the title documents before. Clearly vendor is under financial pressure to sell it, but the current asking price is well above the market value based on comparatives. My offer would be below the asking price.
I do not want to be in the situation that the vendor accepts an offer and in the settlement day I found out that he can not settle because he does not have means to clear debts and caveats can not be lifted.
Has anyone been in similar situation before? Is there a way to add the condition to the contract stating that transaction is subject to vendor providing a proof that he has suffient funds to clear mortgages and caveats on the settlement day and proof has to be provided by purchases satisfaction by xx/xx/2015. What would be the right legally sounding wording for the condition?
I do not want to be in the situation that the vendor accepts an offer and in the settlement day I found out that he can not settle because he does not have means to clear debts and caveats can not be lifted.
Has anyone been in similar situation before? Is there a way to add the condition to the contract stating that transaction is subject to vendor providing a proof that he has suffient funds to clear mortgages and caveats on the settlement day and proof has to be provided by purchases satisfaction by xx/xx/2015. What would be the right legally sounding wording for the condition?