anika66 wrote:incognito wrote:kiriita wrote:@incognito,
Why not just retain a lawyer?
I have already sent the agreement to a learned friend to comment on. The reason i posted is to get other opinions and learn. I will be doing this again (Hopefully soon) and i am hoping to be more knowledgeable then. :)
Just hire a lawyer and stop getting free legal advice through the backdoor. We parents pay so much money to send our kids to study law. Hire a lawyer please. Give to caeser what belongs to caesar................
@ Anika.
Am not seeking free advice. Its not pro bono.All i did is post here for discussion...same as you asking questions on investment. Why not just hire a finance advisor? Simply because your finance advisor will provide you with ONE opinion, and 3 or 4 heads are better than one.
As i said i do have a lawyer. Below is his comments:
_________________________________________________
Ask the sellers advocate to make the following improvements:
1.
Clause 8 to be amended to read, "The purchaser shall have exclusive and quiet possession..."
2. The advocate to incorporate an additional Clause 14 and 15 which should be worded as follows:-
14. "The Vendor hereby covenants that he holds a clean title over the Mother Plot and that both the Mother Plot and the property are not situate on either a road reserve, a way leave or public utility or any other encumbrance on the title whose effect would be such as to defeat the Purchaser's exclusive entitlement to quiet possession upon title passing to the Purchaser in the manner contemplated in this agreement"
15. "Should this transaction fail by reason of any default on the part of the Vendor after receipt of the full purchase price as contemplated by Clause 3 of this agreement,then the Vendor shall refund the Purchase Price in full together with interest at the prevailing commercial rates until payment in full."______________________________________________
The above Clauses are intended to create commitment on the part of the seller since he has asked you to pay the entire purchase price upfront.If they are selling something genuine then they should not have a problem incorporating these clauses,especially No. 14 above.
Excelsior