They must choose which remedy they want to enforce to get their money back. If lender decides to seize your vehicle and sells it for less money than what you owe, the lender cannot sue you to make up the difference. However, if the lender sells the car for more than what you owed, then the difference must be returned to you.
If the lender decides to sue you for the debt and is successful, a Writ of Execution may be filed to garnishee your wages or seize your property to pay the debt.
The lender would not be able to seize the car, as that would violate the seize-or-sue rule. The exception to this rule is made if you deliberately neglected or damaged the goods and the value of the goods decreased. The Court may find that the seller can both seize the property and also sue you for the value of the damage. A Quit Claim is a document stating that you will voluntarily give up the goods without the seller having to go to Court to obtain a judgment for seizure.
You may not want to sign a quit claim at this time and should advise the seller that you want to consult with a lawyer. This document shows that the debt has been paid in full. The Memorandum should be registered at the Personal Property Security Registry to remove notice of debt.
Always do a search at the Personal Property Registry if you are purchasing used goods. You want to know if there any notices of debt made against the goods you want to purchase. Provide the serial number of the vehicle to the Registry to do the search. If you purchase the vehicle without doing a search and money is still owed against the vehicle by the previous owners, you will lose the money you paid towards the purchase. The previous owner would not have a right to sell the vehicle if it has not been fully paid for.
Conditional Sales Contract The specified audio id does not exist. Depending upon the current use for the property, you will need to ensure that this is a sufficient time period to enable you to sell the property with vacant possession whether this requires you to serve notice on a tenant, or for you to find somewhere else to live and be ready to move out on the day of completion.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter. For specific legal advice on conditional contracts or any other contractual arrangements with developers, contact Claire McSorley in our Real Estate team, or email your query to realestate herrington-carmichael. Subscribe Please see our privacy policy regarding use of your data.
This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?
A developer and a landowner can enter into an Option Agreement. What are the strategies that can be employed by both landowners and developers to assist in such land deals? Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land.
What do you do next? You must be careful when relying on an English Will in relation to your Spanish property. We are solicitors in Camberley, Wokingham and London. GU15 3YL. RG40 1AU. Registered in England and Wales company number OC Landowners: What is a Conditional Contract?
If planning permission is required, the contract must cover additional points because permission may be refused or granted subject to conditions. It should be clear:. Used carefully, conditional contracts are a valuable tool but they can easily go wrong. Talk to your solicitor at an early stage to discuss what you want to achieve and to make sure that this is properly reflected in the contract you sign.
For advice on conditional contracts, or any other commercial property matter, please contact Louis Mathers on or email enquiries www. Talk to us:. Selling your land through a conditional contract. Timescales for meeting conditions The amount of time allowed for conditions to be satisfied must be spelt out clearly.
Problems around planning permission If planning permission is required, the contract must cover additional points because permission may be refused or granted subject to conditions. Conclusion Used carefully, conditional contracts are a valuable tool but they can easily go wrong. Stephen Evans. Stephen was born in Cardiff and trained as a solicitor in South Wales, qualifying in He has practised in Devon and Cornwall ever since.
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