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Special Condition Research Paper

Satisfactory Essays

Special Condition 9.3.2 states that any interest accrued on the deposit will go to the vendor unless the purchaser is entitled to a refund.
Basically the vendor is entitled to take the money that may accrue over the 48 months they are entitled to wait on completion of the lot without legally having to give you back anything. In this situation there are options to take other than paying the deposit into the trust account. What would be most beneficial to you would be a bank guarantee. A Bank guarantee is an alternative to providing a deposit or bond directly to a supplier or vendor. It is given by the bank, on behalf of the customer, to pay the recipient of the guarantee the amount of the guarantee. As per Special Condition 10, the vendor (at …show more content…

9AA (1A), stated on page one of your contract (outlined for your convenience) there are two important notes to take. The first note states that from the day of sale to the day you become registered proprietor of the lot, a substantial time may pass. The next point states that the value of the lot of land may change from the day of sale to the day you become registered proprietor. These two notes are there more as a warning than anything else, and due to the fact that it is following the Sale of Land Act, these notes, and the meaning behind them, cannot be argued or be used as a base to rescind the contract.

As per the standard form of contract prescribed by the Estate agents regulations (2008), page seven to fourteen show the general conditions of the contract. This area of the contract out lines the overall (general) guidelines of how things will proceed with the rest of the contract.
Particular things to pay attention to is condition 2.4, stating that General Condition 26 (relating to default interest) will be raised from 2% to 4%. Also condition 2.5, relating to the length of time the vendor may sue for damages, states that General Condition 28.4(c) changes from one year to three years. What this means is that if you were to default on the contract, the vendor has up to three years to sue, claim damages and resell the

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