Questions & Answers
What does the clause of failing to obtain a loan in the Form F of property sale mean?
What is the interpretation of this clause in Form F of the sale agreement of property?
"If applicable, if after applying for the loan the Buyer is unable to obtain such loan within a period not to exceed (14) days from the date of execution of the Contract, this Sales Contract shall be void, and the full amount of the Deposit Cheque shall be refunded to Buyer."
Hi Mr. A. R.,
Good day!
With reference to your question, based on the Clause you specified it connotes that if the property purchase is depending upon a loan facility, and is unable to obtain the loan within 14 days from the date of executing the contract, the sales contract will be considered void (invalid).
In this case, the buyer would be entitled to a refund of the full amount of the deposit cheque. If applicable in this clause, it means "if the property purchase is depending upon a loan".
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