Transfer by Direction (when seller is not registered owner of property and on selling)

TRANSFER BY DIRECTION

1. The buyer acknowledges that, at completion, the Seller will not be registered as the owner of the land and notwithstanding Clause 5 of the standard conditions of sale, the buyer agrees to accept a transfer from the Registered Owners to the Buyer at the direction of the Seller.

2. In return for an undertaking from the Solicitors for the Buyer to hold the transfer by direction on behalf of the relevant parties and not to deal with it other than to have it stamped prior to completion, the seller agrees to produce the transfer by direction executed by the Registered Owner to the buyer, a reasonable time prior to completion to enable the buyer to stamp the transfer by direction before settlement;

3. At the same time as producing the transfer by direction to the buyer’s solicitors, the seller agrees to provide a bank cheque made payable to the Office of State Revenue in respect of the stamp duty payable on the prior transfer, or a copy of the stamped transfer prior to the contract, and such other documents as may be required to stamp the prior transfer.

4. Any Government Registration fees due and payable on the prior transfer, will be deducted from the Seller’s cheque directions at time of settlement.

Sep 8, 2017 | Posted by in Special Conditions | Comments Off on Transfer by Direction (when seller is not registered owner of property and on selling)