Selling House - transfer query

[gregmcc]

So on the agreement of sale there is this clause:

"Balance: The balance of the purchase price shall be paid in cash against registration of transfer, which shall be secured by a banker's guarantee or financial undertaking acceptable to the Sellers Conveyancer in favor of the Seller or the Sellers' nominee/s by no later than [date] and payable on registrario of the transfer"

What exactly does this mean? Will the balance be paid over on the above date?

 

[IzZzy]

Balance will be paid by the bank on registration of transfer, whatever date that is.

 

[AlphaBravo]

You will only receive the balance on registration of transfer. The security (banker guarantee or other) must be given by no later than [date].

 

[gregmcc]

Thanks.

Ok - I'm being doff now. What security? What exactly is supposed to happen by the specified [date]?

The security (banker guarantee or other) must be given by no later than [date].

 

[etwylite]

Thanks.

Ok - I'm being doff now. What security? What exactly is supposed to happen by the specified [date]?

Buyer has to provide proof of available funds (bank guarantee)or granting of homeloan to the conveyancing attorneys by "x" date

 

[gregmcc]

Excellent - thanks for the clarification.