Case of the Day: Contract — ‘As is’ clause – Purchase agreement https://lnkd.in/g56xiQKH
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Intended ONLY for genuine buyer. NO TO WASTE TIMERS. TRANSACTION PROCEDURES FOR TITLE TAKE-OVER (TTO) 1. Buyer issues ICPO according to the seller's working procedure along with buyer's company certificate of registration or profile with copy of buyer's passport. 2. Seller issues the Title Take-Over Contract (TTO/MOU) addendum for review and endorsement by all parties. 3. Seller issues Proof of Product and Shipping documents as listed below; Certificate of Origin Bill of Lading Tanker Vessel Q88 Document Vessel (N.O.R) Notice of Readiness Ullage Report Position Manifest 4. Upon receipt of the documents, buyer verifies the availability of the POP and immediately seller appoint a reputable escrow entity for drafting of the escrow agreement, both seller and buyer makes security 5% to seller nominated escrow guarantee payment of the total cost of (if anyone fails to perform on this transaction, the escrow law firm gives the next part the 5% for time waste in the deal.the product which serves as a Title Take-Over Fee 5. Upon seller receipt of the title takeover payment from both sides, seller orders for re-rout to buyer’s desired port, transfers the title to the potential buyer’s company’s name and also re-issue all other outstanding documents to the potential buyer’s company’s and via swift from seller bank the full proof of product. 6. Vessel arrives at the discharge port and buyer carries out the CIQ/SGS inspection and upon a successful inspection, buyer pays by MT103 T/T for the full product to the seller.
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Sellers & Property Disclosures Complete the disclosure when listing and if anything happens after that and before closing, be sure to amend the disclosure or complete the addendum to the disclosure and have both the Sellers and Buyers sign it. What happens if a deal goes south because of inspections and the Seller does not want to see the inspection report (no, burying your head in the sand will not work here). Disclose what was found in the report if it was not in the initial disclosure. If the inspector calls something out that is incorrect, Make a notation and refer to it in the addendum. “If there is an inspection report from this transaction known to the seller, it’s likely in the seller’s best interest to review the report and update the seller’s disclosure statement appropriately. This prevents any potential legal argument that the seller failed to comply with the law. The seller might also consider providing some or all of the report along with the SPD to better inform buyers of the information that was discovered during the inspection.” [https://lnkd.in/edfTux5e]
Sellers' Duties With Inspection Reports
https://www.parealtors.org
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𝐁𝐞𝐰𝐚𝐫𝐞 - 𝐑𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐂𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐁𝐲 𝐒𝐞𝐥𝐥𝐞𝐫𝐬 & 𝐋𝐚𝐧𝐝𝐥𝐨𝐫𝐝𝐬 𝐀𝐫𝐞 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐡𝐞 𝐕𝐚𝐥𝐢𝐝𝐢𝐭𝐲 𝐎𝐟 𝐒𝐨𝐥𝐞 𝐌𝐚𝐧𝐝𝐚𝐭𝐞𝐬 In the light of the history of the Property Condition Report (which was introduced by the former Estate Agency Affairs Board (EAAB) to protect estate agents against claims of non-disclosure), according to Miltons Matsemela Attorneys, the Act has been interpreted to mean that if you are faced with a seller who is not willing to sign, for the above reasons, the estate agent could possibly use an addendum to address this, and still protect herself / himself. However, the PPRA have now send out a notice that the Property Condition Report: (1) serves to protect the consumer, and (2) they also confirmed that Property Practitioners who do not comply, face the risk of disciplinary sanction without exception. According to Annetjie van Rooyen of STBB Attorneys, the estate agent who did not receive a signed Property Condition Report by the time the mandate has been provided or effected, actions will be viewed in terms of article 67(1) of the PPA as a “minor contravention” and could receive a penalty of up to R15 000. As such, and to finally answer the question that has been raised: If the seller or landlord (in a residential lease) does not want to sign off on the condition report, the estate agent may not market the property. Click to read more📖: https://ow.ly/ah8450PQymi #PPA #propertyconditionreports #residentialproperty #sellers #landlords #solemandates #mandatorydisclosureform #defects #agreementofsale #purchaser #leaseofproperty Source - Miltons Matesemela Attorneys / STBB Attorneys
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Please send your enquiries to [email protected] or [email protected] WhatsApp 1 504 509-1434 WhatsApp 1 868 273-1824 FOB TRANSACTION PROCEDURE 3 1. Buyer issues ICPO, Company profile CIS, CPA/Q88 or TSR. 2. Seller issues CI and Buyer signs and returns with NCNDA/IMFP 3. Seller issues the following PPOP documents to Buyer: (a) Refinery Assurance Commitment Letter to supply the product. (b) Statement of Availability of Product (c) Product Passport (Q & Q Report) 4. Seller’s law firm in the U.S issues an Escrow Agreement to be signed and sealed by Buyer and Seller. 5. Buyer then deposits 2 days tank storage fee to the refinery’s U.S. Escrow law firm account, as a guarantee that Buyer will not back out of the transaction. It also serves as proof that Buyer is financially capable of closing the deal. Please note that the 2 days tank fee shall not be released to the Seller’s tank farm until Buyer performs DTA in Seller’s tanks and is satisfied with the product quantity and quality. It is only after this that the 2 days tank fee deposit will be released to the Seller as payment for extension of the tanks where the products are stored. 6. Upon confirmation of MT103 wire transfer of Buyer’s guarantee deposit to the refinery law firm in the USA, Seller issues the following documents: (a) Injection Reports with full coordinates of the Tanks location. (b) Certificate of Origin. (c) Verifiable and confirmable Tank Storage Receipts with full coordinates of the Tanks location. (d) ATV/ATSC (e) UDTA Unconditional Dip Test Authorization Letter. 7. Buyer conducts Dip Test on the products in Seller’s Tanks at Buyer’s expense to obtain fresh SGS in Buyer’s name. 8. Seller and Buyer sign TTVIA Agreement. 9. Seller commences injection of product into Buyer’s Vessel or tanks. 10. Buyer makes payment for the total value of product injected into their Vessel or Tanks via MT103- TT and Title is transferred. 11. Seller pays commission within 48 hours by swift MT103 to all intermediaries as per signed NCNDA/IMPFA.
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Can a home buyer assign their offer to another party? Paragraph 15 of the standard offer to purchase 2-T states that the contract may not be assigned without the written consent of all parties except in the case of a tax-deferred exchange. There is no standard form to handle this because it is fairly complicated from a legal perspective. One issue to be addressed is whether the party whose rights are being assigned (called the assignor) will continue to be liable under the contract if the person to whom the assignor’s rights are being assigned (called the assignee) does not perform. Unless the assignment agreement provides otherwise, the assignor will remain liable for the performance. Assignors should consider including an indemnity provision in the assignment to protect themselves from further liability Assignees should consider requesting that the assignor make representations that they indeed have full rights to make the assignment. Assignees may also want a clause that states that they have the right to make an assignment to yet another assignee. The bottom line is that assignments are complex legal transactions and should be handled by an experienced attorney.
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📜⚖️ Seller Disclosure Requirements: Ensuring Transparency and Compliance As a seller, understanding your legal obligations regarding property disclosures is crucial to maintaining transparency and compliance throughout the selling process. Here's what you need to know: Full Disclosure: 🏠 Sellers are typically required to disclose all known material defects or issues with the property that could affect its value or safety. This includes past renovations, property damage, environmental hazards, structural problems, and any other relevant information. State and Local Laws: 📝 Disclosure requirements vary by state and locality, so it's essential to familiarize yourself with specific regulations and guidelines in your area. Work with your real estate agent or legal counsel to ensure compliance with all applicable laws. Seller Disclosure Forms: 📄 In many jurisdictions, sellers are required to complete a standardized seller disclosure form, detailing any known defects or issues with the property. This form is typically provided to potential buyers during the due diligence period. Timely Disclosure: ⏰ Sellers must disclose known defects or issues in a timely manner, preferably before the buyer makes an offer or during the negotiation process. Failure to disclose material information could result in legal liabilities and financial consequences. Potential Liabilities: ⚠️ Failing to disclose material defects or issues with the property can expose sellers to potential legal liabilities, including lawsuits for fraud, misrepresentation, or nondisclosure. It's essential to err on the side of caution and disclose all relevant information to avoid legal disputes. Documentation and Records: 📑 Keep thorough documentation and records of any repairs, renovations, inspections, or incidents related to the property. This documentation can serve as evidence of your compliance with disclosure requirements and help protect you from future disputes. Consultation with Professionals: 🤝 When in doubt, seek guidance from real estate professionals, attorneys, or other experts familiar with disclosure laws and regulations. They can provide valuable advice and assistance in navigating the disclosure process and ensuring compliance with legal requirements. By understanding your seller disclosure requirements and taking proactive steps to disclose relevant information to potential buyers, you can uphold transparency, mitigate legal risks, and facilitate a smooth and successful real estate transaction. Prioritize honesty and integrity throughout the selling process to build trust with buyers and protect your interests. #SellerDisclosure #LegalCompliance
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Yes! To ensure that a proper sale price is being paid and the sale is properly structured a lawyer is essential. The lawyer will assist the seller with due diligence and disclosure requests and negotiate changes to the sale agreement to try to ensure that following the sale the risk of any claims being made against the seller is reduced. If any part of the sale price is being paid following completion then proper protections such as additional security will need to be added to the deal. #SalePrice #ProperStructure #LawyerEssential #DueDiligence #DisclosureRequests
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A payment clause is a provision in a contract that specifies the terms and conditions for payment of goods or services and typically includes the following information: ➡️ Payment amount: The payment amount is the total amount that the buyer is obligated to pay the seller for the goods or services provided. ➡️ Payment schedule: The payment schedule specifies the timing of payments, including the due date for each payment and any intervals between payments. ➡️ Payment method: The payment method describes how the buyer will pay the seller, such as by wire transfer, check, or credit card. ➡️ Late payment penalties: The payment clause may include provisions for late payment penalties or fees, such as interest charges or late fees. The payment clause is an important part of any contract, as it defines the financial obligations of the parties and helps to prevent disputes over payment. It is important for parties to carefully review and negotiate the payment clause in any contract to ensure that it accurately reflects their intentions and protects their interests. The clause should be drafted with care to ensure that it is clear, enforceable, and meets the needs of both parties. Do you have questions about your business contracts? Book a free consultation today: https://lnkd.in/gg6hAwwx #ContractLaw #BusinessContracts #BusinessLawyer #ContractLawyer
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