(b) Section 27(4) concerns itself with whether “the purchaser is satisfied”, not with whether “a reasonable purchaser would be satisfied” or “the purchaser is satisfied on reasonable grounds”. It is a great way to spend a peaceful Sunday afternoon, just relaxing with the cool river breezes. ” It does not matter that the purchaser may be proceeding on erroneous facts or assumptions; only that he or she be satisfied or not satisfied of the relevant matters. This is particularly essential for investors who are not counting (or speculating) on fantastic appreciation, but quite on very long expression keeping strategy and beneficial cashflow from renting out the property.|
(ii)The particulars given indicate that the purchase price is sufficient to discharge all Mortgages over the property;and. Although financing may be an option for some home buyers, they can expect a down payment in excess of the standard ten per cent. (iv)The Purchaser FURTHER ACKNOWLEDGES that he has received satisfactory answers to Requisitions on Title or is otherwise deemed to have accepted title. Eighty per cent (85% and even 100% in some NYC areas) of ownership opportunities come from co-operatives.
If a purchaser fails to complete the contract, it is expected that the deposit will be forfeited to the vendor. It’s a fact that Jeff Sutton Real Estate from a source I can trust? Such an insurance policy is not expensive and will cover risks such as defects in title, problems getting zoning certificates in time, and other risks which are not reasons to object to early release of deposit. However whilst the risk of trouble is small it is not considered wise to do so as in the event of default it may be difficult to get it back from the vendor and deposit bonds are readily obtainable. Whilst this information must be in writing, the vendor is not required to sign the form.|
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It is appropriate to ask the purchaser to sign an acknowledgment of receipt of the information with the contract, but it may be inappropriate to ask the purchaser to sign a deposit release at that time, although the two documents are frequently sent as a bundle for simultaneous signature. The objection must be ‘in writing stating that he is not satisfied with the particulars and giving the reasons why he is not satisfied’. Generally speaking, if the mortgage is in default, the bank will state this clearly and will advise that they do not agree to the deposit being released. If the deposit has been paid, it is forfeited to the vendor.