After signing of letter of offer, a Financier solicitors need to be appointed to prepare relevant loan documents for the borrower to sign, for example Facilities Agreement, Charge Document, Deed of Assignment and Power of Attorney to secure the interests of bank.
A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.
A Memorandum of Transfer (MOT) is a transfer of ownership procedure of a property for the price agreed between the buyer and seller. It is used to transfer ownership of the property from the developer to buyer, or in the case of secondary market purchases, transfer ownership of the property from the seller to buyer.
Injury to real or personal property through another’s negligence, willful destruction or by some act of nature. In lawsuits for damages caused by negligence or a willful act, property damage is distinguished from personal injury.
A sale and purchase agreement is a legally binding contract between you and the seller. It sets out all the details, terms and conditions of the sale — this includes things such as the price, any chattels being sold with the property, whether the buyer needs to sell another property first and the settlement date.
A tenancy agreement is a legal covenant between a landlord and a tenant. It outlines the duties and obligations of each party during the tenancy period. It also provides a detailed description of the property being rented out, along with its furniture, fixture, and other amenities.
The act appoints a rental officer to enforce the act, provide the public with information, and resolve disputes between landlords and tenants who have entered into residential tenancy agreements. Decisions by the rental officer have the same force as a Supreme Court order.
Your tenancy becomes a periodic tenancy automatically if you stay past the end of the fixed term without a renewal agreement. A joint tenancy becomes periodic if any of the tenants stay on, unless there’s a new agreement in place. A periodic tenancy continues on the same terms and you should pay your rent as normal.
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