Sample report wording for a report on title—where property is acquired from an insolvency practitioner
Sample report wording for a report on title—where property is acquired from an insolvency practitioner

The following Property precedent provides comprehensive and up to date legal information covering:

  • Sample report wording for a report on title—where property is acquired from an insolvency practitioner

  1. 1

    Wording for use where property is subject to LPA or fixed charge receivership

    1. The Property is being sold by [a OR joint] fixed charge receiver[s] appointed by [name of mortgagee] under the terms of a [mortgage OR charge] dated [insert date], as a result of the Seller being in default under the terms of the loan secured by the [mortgage OR charge].

      [[Seller not in liquidation:] Although the receiver[s] [has OR have] been appointed by [mortgagee], [he is OR they are] deemed to be the agent[s] of the Seller and the title to the Property continues to be held by the Seller. The contract and transfer accordingly provide for the sale to be made by the Seller acting by the receiver[s], as agent[s] for the Seller.]

      [[Seller also in liquidation:] A fixed charge receiver normally acts as the agent of the seller, but this agency is terminated as the Seller is also in liquidation. The receiver nevertheless retains a contractual power to act in the name of the Seller under the provisions of the [mortgage OR charge] which is not affected by the Seller’s liquidation. Although

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