Are such clauses standard / acceptable?
"As the property is expressed as sold to Purchaser and/or Nominee then pursuant to the conditions of the Contract the Purchaser nominated the Nominee as substitute purchaser to take a transfer or conveyance in lieu of the Purchaser.
The Purchaser and the Nominee acknowledge that they will henceforth be jointly and severally liable for the performance of the obligations of the Purchaser under the contract and payment of any expenses resulting from the nomination (including any stamp duty)."
Why is the purchaser still held jointly liable to honour the contract - see paragraph above? Shouldn't it be on the nominee once the transfer is complete?
Pls advise
"As the property is expressed as sold to Purchaser and/or Nominee then pursuant to the conditions of the Contract the Purchaser nominated the Nominee as substitute purchaser to take a transfer or conveyance in lieu of the Purchaser.
The Purchaser and the Nominee acknowledge that they will henceforth be jointly and severally liable for the performance of the obligations of the Purchaser under the contract and payment of any expenses resulting from the nomination (including any stamp duty)."
Why is the purchaser still held jointly liable to honour the contract - see paragraph above? Shouldn't it be on the nominee once the transfer is complete?
Pls advise
