I've just had a clause sprung on me in a contract. My lawyer is unavailable tonight, so I just wanted to get a heads up before talking to them tomorrow. Does anyone know what the following means?
An executed prior stamped transfer in favour of the seller, and an executed unstamped transfer for the lot in favour of the buyer, both capable of immediate registration (after stamping of the second transfer) in the appropriate Government office free from encumbrances (other than those stated in this Contract), but subject to the conditions of the Contract, and other documents capable of allowing the buyer to become the registered owner of the land including the seller's undertaking to answer at the seller's expense any requisition which may issue from the Department of Environment and Resource Management or Office of State Revenue on any such documents.
An executed prior stamped transfer in favour of the seller, and an executed unstamped transfer for the lot in favour of the buyer, both capable of immediate registration (after stamping of the second transfer) in the appropriate Government office free from encumbrances (other than those stated in this Contract), but subject to the conditions of the Contract, and other documents capable of allowing the buyer to become the registered owner of the land including the seller's undertaking to answer at the seller's expense any requisition which may issue from the Department of Environment and Resource Management or Office of State Revenue on any such documents.