Clause 5

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12 Jul 2009 00:00 by Sheila87 Star rating. 2 posts Send private message

Earlier this year we had a buyer for one of our properties.  We had been in negotiation with PW for over a year for not completing on them due to my husband's ill health.

When we got a buyer for one of our properties we were pleased.  We were going to recoup some money of our money.  We had paid 40% of the deposit on this property on time.  We had a cash buyer who paid the deposit within hours of seeing the poperty.  Two weeks later the whole thing fell through as Polaris World had instigated Clause 5.  I don't know about anybody else, but this was our property with our money.  What right are they to do this?  Has anybody else suffered a loss of sale due to Clause 5?

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12 Jul 2009 22:53 by mariadecastro Star rating in Algeciras (Cadiz). 9001 posts Send private message

Legal Questions? Speak to Maria Direct

 What is clause 5?



Maria L. de Castro, JD, MA



El blog de Maria

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13 Jul 2009 14:13 by Sheila87 Star rating. 2 posts Send private message

Clause 5 states "Before the buyer or seller is requested to execute the deed, either of the parties may assin its legal position in this Agreement to any individuals or legal entity(ies) it deems appropriate, and it must notify the other Party of the assighment at least 10 days in advance of the date of the aforementioned request.  In order for an assignment by the Buyer to be deemed valid, the assignee must expressly assume all of the Buyer's obligations hereunder and the assignment must be accepted in writing by the Seller"


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