I have been getting different responses from 2 different conveyancers and would like some help.
Question:
I have an offer on my property but the purchasers want a 9 month settlement. They are willing to make 3 payments (initial deposit then another deposit 5 months later followed by the final settlement).
Under Section 29A - (1A)of the Sale of Land Act it states that if the purchaser is obliged to make 2 or more payments (other than the initial deposit and final settlement) then it becomes a term contract.
In my case, it is only 1 extra payment. Is this to be considered a term contract?
The bank has no issue with this as the loan on the property is very small but one conveyancer claims its a term contract while the other says its not.
Question:
I have an offer on my property but the purchasers want a 9 month settlement. They are willing to make 3 payments (initial deposit then another deposit 5 months later followed by the final settlement).
Under Section 29A - (1A)of the Sale of Land Act it states that if the purchaser is obliged to make 2 or more payments (other than the initial deposit and final settlement) then it becomes a term contract.
In my case, it is only 1 extra payment. Is this to be considered a term contract?
The bank has no issue with this as the loan on the property is very small but one conveyancer claims its a term contract while the other says its not.