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We are interested to purchase a private property and it is a bank sale.
When exercising option, my lawyer discovered a caveat on the property
My Lawyer spoke to the caveator and then the outcome could be us paying the caveator a sum of money
Seller agent said that seller lawyer said it was not necessary

We are conflicted
So are the buyers liable to pay off an existing caveat?

I read an article yesterday that said that the sale of property will remove the caveat

Any advice?
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3 Answers

Hi, your lawyer is still the best person to consult with. Not any answer from this portal.

Regards
Aaron
 9730 8455  Read More
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Hi,

Caveat on a property means a creditor had put up a limit to the property to sell.

In order to remove a caveat, the creditor has to be informed and agreed with the sale.

For example, once you purchase the property with a bank loan, the bank will insert a caveat on the title deed to ensure their interest are protected.

We are not licence lawyer thus are not the right person to consult with.

You have to consult with your lawyer to get an answer, prepare with a lot of "why" and "where" in common/conveyance law that require your contribution back to creditor.

Hope this helps!

Best regards
Ling CK
 90110636  Read More
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Robbie Chen Chee Howe
Hi,

Properties under bank sale, though you may think it's a bargain, can be a bit tricky at times. You do not know how much debt the previous owner amassed, and if you are going to be impacted by his debts. It is best to consult in your lawyer for such cases.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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