• Buying A Repossessed Property

    By Guest on 22nd Sep 2014

    I'm buying a repo'd property and I have received a contract from the vendor (bank) but I'm a little concerned about a paragraph relating to charges. The paragraph below is part of the contract I received. Am I correct in thinking that this states that I cannot discharge myself from any previous / outstanding charges, burdens that may have been added to the deed from previous owners bad debt and that the bank can then hold me liable for the outstanding debt which was left by the previous owner? Moreover, if any previous charges doesn't apply to the new owner. then why is it stated in the contract in the first place. Why isn't the part about charges just left blank.

    Subsequent Charges

    9. The Vendor is selling as Mortgagee in Possession by virtue of the Power of Sale as contained in the Deed of Mortgage as referred to in the Documents Schedule. The Purchaser accepts that by virtue of Section 62 (10) of the Registration of Title Act, 1964 and Section 21 (1) of the Conveyancing Act, 1881, he/she takes free of all Estates, Interests and Rights ranking in priority after the First Legal Mortgage and accordingly no formal discharges or releases of any charges, interests or burdens will be furnished and the Purchaser shall not raise any objection, requisition or enquiry regarding same and shall not demand nor shall they receive discharges, releases or vacates of any such
    charges interests or burdens.

  • 1 Answers

    By Guest on 22/09/2014

    From the Acts you quote I assume this is an Irish property? Kindly note that this site is specific to England and Wales, which have a different set of laws.

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