Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the lawyer for the Seller has given an undertaking to the Buyer's lawyer to pay out the non-permitted encumbrance, namely a mortgage registered when

If the lawyer for the Seller has given an undertaking to the Buyer's lawyer to pay out the non-permitted encumbrance, namely a mortgage registered when the Seller was the owner, which of the following BEST describes the steps that must be taken by the lawyer for the Seller in relation to the non-permitted encumbrance:

Question 1Answer

a.Payout the non-permitted encumbrance, obtain the discharge of mortgage and send it to the Buyer's lawyer.

b.

Send out a reporting letter to the Seller, prepare an account and close the file.

c.

Pay out the non-permitted encumbrance and after registering the discharge from the lender, provide the certified copy of title to the Buyer's lawyer evidencing the discharge of mortgage.

d.

Pay out the non-permitted encumbrance and close the file.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

More Books

Students also viewed these Law questions