Sale and purchase of premises / transfer of premises by close relatives


A sale and purchase agreement is a valid legal document and a breach of the agreement may lead to lawsuits. The party in breach of the agreement may need to pay for loss and damage caused to the other contracting party. For example, if the purchaser of a property was late in paying the purchase money, the vendor could confiscate the deposit. If the lawyer fails to examine the title documents carefully, the purchaser may acquire a property with a defective title. If the vendor’s lawyer fails to answer the requisitions raised by the purchaser’s lawyer satisfactorily, it may lead to a lawsuit for terminating the sale and purchase of the property. In addition, the negligence in handling the mortgage documents may cause the bank to refuse to pay the mortgage proceeds. Therefore, one should appoint a trusted law firm to handle the sale and purchase of properties, or transfer of properties between close relatives.