INTRODUCTION TO CONVEYANCING

Parties Relevant to Sale and Purchase Agreement

*The Vendor

- is the party that sells the property , has to own the property ; otherwise he has no legal capacity to sell the property

* The Purchaser

- purchaser being the party that buys the property has to pay the purchase price of the property

* The Vendor’s Solicitor

- acting for the vendor, ( mainly in ensuring that the selling price is received by the vendor within the completion date)

- make sure that the title the property is rendered clean and delivered to the purchaser’s solicitor free from encumbrances

-redeem the vendor’s existing loan and obtain a Discharge of Charge / Deed of Receipt and Reassignment (‘DRR’)

* The Purchaser’s Solicitor

-make sure the property is properly conveyed to the purchaser

* The Vendor’s Financier

- in cases where the vendor has not fully settled his housing loan at the time of sale . this loan was originally obtained by the vendor to help finance the purchase of his property

* The Bridging Financier

- the party that gives the developer a loan to finance the cost of developing a housing project

It is called bridging finance as it bridges that gap from the time that the developer did not have the funds to develop the housing project to the time when the developer sells the houses and receives the proceeds of the sale

* The End Financier

- the party that gives individual housing loans