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Receiver House sale who signs contracts

  • 24-05-2017 04:01PM
    #1
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭


    Hi

    We have just signed contracts on a receiver house sale, receiver acting on behalf of the banks..  My question is who signs the contract, the bank of the receiver?

    Thanks


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,768 ✭✭✭✭Marcusm


    lbyrne121 wrote: »
    Hi

    We have just signed contracts on a receiver house sale, receiver acting on behalf of the banks..  My question is who signs the contract, the bank of the receiver?

    Thanks

    Legally, the receiver is acting as agent for the delinquent house owner. The receiver will sign the conveyance but will likely frustrate your solicitor and not have answers to many of his requisitions. Do you have a mortgage to drawdown?


  • #3
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭lbyrne121


    The solicitor has gone through contracts and we have signed and returned to receivers solicitors... we have a mortgage to draw down but solicitor said he has no concerns so hopefully all will be in order

    Marcusm wrote: »
    Legally, the receiver is acting as agent for the delinquent house owner. The receiver will sign the conveyance but will likely frustrate your solicitor and not have answers to many of his requisitions. Do you have a mortgage to drawdown?


  • #4
    uberwolf
    Registered Users, Registered Users 2 Posts: 7,581 ✭✭✭uberwolf


    It depends on the powers granted to the receiver by the mortgage deed. Typically, but not exclusively, it's the receiver.


  • #5
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    uberwolf wrote: »
    It depends on the powers granted to the receiver by the mortgage deed. Typically, but not exclusively, it's the receiver.

    Yes.

    Bank may have to execute as Mortgagee in Possession, but more than likely will be receiver. Review the mortgage documents and apply legal knowledge. This isn't a plain vanilla piece of work.


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