Common use of Seller’s right to sell the Land Clause in Contracts

Seller’s right to sell the Land. ‌ (a) Subject to the Seller complying with clause 23.2(b)(1): (1) at any time before Settlement, the Seller may transfer or assign its interest in the Land or the Lot (or any part of its interest) to any person (Dealing); and (2) the Buyer consents to any Dealing, including for the purpose of any consent required under the Property Law Act if this contract is an instalment contract. (b) If the Seller proposes to effect a Dealing: (1) the Seller must procure the Third Party to execute a Novation Deed before the Dealing is completed; (2) the Buyer and any Guarantor must, on request by the Seller, execute the Novation Deed; and (3) the Buyer must, on request by the Seller or Third Party, waive any cooling off period applicable as a result of the Dealing. (c) On completion of a Dealing, the Seller may: (1) transfer or assign the Deposit or any Security Deposit (where it is assignable) to the Third Party’s nominated deposit holder (and the Seller and the Buyer irrevocably authorise the Deposit Holder to facilitate such transfer or assignment); or (2) where any Security Deposit is not assignable, require the Buyer to provide to the Third Party’s nominated deposit holder a replacement Security Deposit within ten Business Days of the Seller asking for it and, once provided, the Security Deposit will be returned. (d) In this clause: Dealing has the meaning given in clause 23.2(a)(1).

Seller’s right to sell the Land. ‌ (a) Subject to the Seller complying with clause 23.2(b)(1): (1) at any time before Settlement, the Seller may transfer or assign its interest in the Land or the Lot (or any part of its interest) to any person (Dealing); and (2) the Buyer consents to any Dealing, including for the purpose of any consent required under the Property Law Act if this contract is an instalment contract. (b) If the Seller proposes to effect a Dealing: (1) the Seller must procure the Third Party to execute a Novation Deed before the Dealing is completed; (2) the Buyer and any Guarantor must, on request by the Seller, execute the Novation Deed; and (3) the Buyer must, on request by the Seller or Third Party, waive any cooling off period applicable as a result of the Dealing. (c) On completion of a Dealing, the Seller may: (1) transfer or assign the Deposit or any Security Deposit (where it is assignable) to the Third Party’s nominated deposit holder (and the Seller and the Buyer irrevocably authorise the Deposit Holder to facilitate such transfer or assignment); or (2) where any Security Deposit is not assignable, require the Buyer to provide to the Third Party’s nominated deposit holder a replacement Security Deposit within ten Business Days of the Seller asking for it and, once provided, the Security Deposit will be returned. (d) In this clause: Dealing has the meaning given in clause 23.2(a)(1).