Identity Of Property a. The Purchaser shall admit the identity of the Property purchased with that described in the Proclamation of Sale and such other documents such as muniments offered by the Auctioneer as to the title to the Property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively and with that described in the Security Documents without requiring any further proof.
b. The Purchaser shall accept the area shown in the particulars of the Proclamation of Sale or Conditions of Sale or Memorandum. The Assignee shall not be liable to the Purchaser for any discrepancy(ies) appearing after the sale concerning the identity of the Property purchased or the area shown in the particulars of the Conditions of Sale.
c. Upon issuance of the strata/individual title to the Property, if the land or floor area is found to exceed that as described and additional payment is imposed for the excess area by the Developer and/or relevant authorities, then such additional payment shall be borne and paid solely by the Purchaser.
d. If the land or floor area of the Property is found to be less then that as described, any claim for the reduced area shall be undertaken solely by the Purchaser against the Developer and/or such other party and the auction sale herein shall not be annulled and neither the Assignee, the Assignee’s Solicitors nor the Auctioneer shall be liable thereof for such claim.
Identity Of Property. (a) The Purchaser shall admit the identity or the Property purchased with that described in the Proclamation of Sale and such other documents such as muniments offered by the Auctioneer as the title of the Property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively and with that described in the Security Documents without requiring any further proof.
(b) The Purchaser shall accept the area shown in the particulars of the Proclamation of Sale or Conditions of Sale or Memorandum. The Assignee/Bank shall not be liable to the Purchaser for any discrepancy(ies) appearing after the sale concerning the identity of the Property purchased or the area shown in the particulars of the Conditions of Sale.
(c) Any error, misstatement, omission or misdescription of the Property in the Proclamation of Sale and the documents referred to in Clause 14(a) above shall not annul the sale, nor shall any compensation be allowed therefor.
Identity Of Property a. The Purchaser shall admit the identity of the Property purchased with that described in the Proclamation of Sale and such other documents such as muniments offered by the Auctioneer as the title of the Property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively and with that described in the Security Documents without requiring any further proof.
b. The Purchaser shall accept the area shown in the particulars of the Proclamation of Sale or Conditions of Sale or Memorandum. The Assignee shall not be liable to the Purchaser for any discrepancy (ies) appearing after the sale concerning the identity of the Property purchased or the area shown in the particulars of the Conditions of Sale.
Identity Of Property. (a) The Purchaser admits the identity of the Property with that defined in the description of Property.
(b) The Purchaser is not entitled to require the Vendor to explain or reconcile differences or discrepancies in the description of the Property or in names, dimensions, areas or boundaries that affect or describe the Property.
Identity Of Property. While it seems evident that the purchase agreement must identify the property, it may not be quite so evident how to accomplish this goal. The most obvious answer—use of the street address—usually is not the best approach. While the address can help identify the property, it does not describe the boundaries of the land. References to tax lot numbers can also be misleading. The parties typically will prefer to use the legal description of the property.6 This description often will take the form of a metes and bounds boundary description and may be quite lengthy; for this reason, it may be attached at the end of the purchase agreement as an exhibit rather than included in the body of the agreement itself. The lawyer who chooses to attach the legal description as an exhibit should remember to incorporate that exhibit into the agreement by reference. Remember to include the less obvious elements of the property that may not be encompassed by the legal description of the boundary, such as beds of adjoining public roads, rights-of-way, subsurface rights (including mineral rights), air rights, and devel- opment rights. And be sure to include the improvements located on the land you have just described. In some locations, a street address or block and lot number will suffice. When the property consists of one or more subdivided lots, the parties may use references to numbered lots that are shown on recorded subdivision plats. These devices are particularly useful in newer developments that have been platted, such as residential subdivisions or industrial parks; in heavily urbanized areas, where addresses or block and lot numbers may have been issued in a pre- dictable way and where lots may be of a uniform size and shape; and in condominium properties, where the units typically will be described in a publicly available condominium plan. The use of U.S. Government Survey information is standard in many western and some midwestern and southeastern states, particularly when refer- ring to agricultural property. In all of these examples, the drafter’s use of the “shorthand” information serves to refer the reader to a more precise method of determining the boundaries of the property. Comment: Occasionally properties are identified either by imprecisely drawn plats or by tax plats that are prepared by the local jurisdiction. Tax plats tend to be extremely inaccurate and should not be relied on as the basis for a property description. Properties more frequently are descr...
