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90 days of confusion.

 
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pastecopy



Joined: 13 Nov 2005
Posts: 14

PostPosted: Thu Feb 23, 2006 11:00 am    Post subject: 90 days of confusion. Reply with quote

Dear gurus,

I'm totally confuse with the following of 90 days upon release of Consent from Developer:

I'm a buyer of an apartment.

1) This 90 days will start to roll upon the release of Consent form developer?


Consent from developers: 14 days.
Redemption statement from seller: 14 days.
Buyer loan release to seller: 14 days.
All necessary document from seller to buyer lawyer after loan approval: 14 days.
Court filing: 5 days

Anything missing from here? Do all these procecure falls on this 90 days? Will it be detrimental for the buyer in this case where some of the seller's responsibility is absorbed into this 90 days.

Thank you, urgently need help.
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cynthusc



Joined: 16 Sep 2005
Posts: 504

PostPosted: Fri Feb 24, 2006 1:25 pm    Post subject: Reply with quote

Dear paste copy,

I think what you mean is that the balance purchase price must be paid within 90 days of receipt of the Developer's Consent to the sale of the Property by your solicitor.

This means that once your lawyer receives the Consent, you have 90 days to make sure that you pay the balance (through loan, cash or other means! Smile

As for the 14 days you mention, it usually means (I say "usually" because I would need to sight the agreement before I know for sure) that the various parties have fourteen days to do what is required of them (eg provide the redemption statement, issue the Consent, sign the receipt & reassignment, etc.) any additional time taken will be excluded from the 90 days. This means that if the Vendor's bank take 16 days to issue the redemption statement, two days will be excluded from the calculation of the 90 days.

Hope the above clarifies.
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