Share Vending Agreement

Overall, the process of acquiring a share transfer property is similar to real estate in terms of investigations, valuations and reports, etc. The sales contract (a transport) defines the description of the property, the rights and obligations of the co-owner. Each co-owner is a member of an association of co-owners responsible for the management and management of the collective property. Associations charge a service fee (usually monthly or quarterly) to cover overhead costs such as insurance, cleaning, lighting and repairs. In cases where you need to borrow, your advisor helps you apply for a bank loan. If your loan is approved, it is important that you sign the facility agreement and return it to the bank as soon as possible to avoid any delay in your transfer of shares. A satisfactory investigation and evaluation is probably a condition for any loan. Please note that if your bank asks for a survey and an evaluation, it is like guaranteeing your loan to you. It is not necessarily complete and you should look carefully at what is required to order a surveyor to conduct a full investigation. If you don`t have a survey, all errors found after the purchase are your responsibility.

The investigation should be carried out on the buildings belonging to the company as a whole, unlike the unit itself, as the company and effectively you and other shareholders (if any) will be held responsible for the structure of buildings, public spaces and all necessary work. A property may be owned by a limited liability company. Shares in the company may be sold by the owners of these shares for the exclusive use of certain parts of the company`s land (for example. B dwellings within the same building). The statutes define the rights and obligations of each partner. A non-purchaser may wish that its economic interest in the property be recognized by a „capital agreement“, which includes contributions to the acquisition of the property and outlines what should happen when the property is sold. This is particularly the case when a partner is unable to purchase under the provisions of the Housing Act. The advantage of a share transfer purchase is that completion should not take place in the Royal Court and can therefore take place every day of the week. The definition of „owner“ for the purposes of a share transfer building is the holding company and not the owner of the shares concerned. It is not uncommon for a quality property to be owned by a limited liability company for the protection of privacy. The memorandum and statutes are the constitutional documents of a company and present the rights and obligations of each shareholder. Prior to the conclusion of a pre-agreement, the buyer`s lawyer conducted the property audit and recommended that all conditions be included in the agreement if questions or clarifications are required.

The company is legally required to keep detailed records of directors, secretaries and shareholders. We will check the records to verify that they are current and correct. We will also check the minute book to check that the business is being managed satisfactorily. The company is managed by its statutes (the „articles“). The articles specify how the company is managed, the rights of shareholders, directors and the details of the various actions.

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