07 Feb 28 JUNE 2010 – PAYMENT OF BALANCE PURCHASE PRICE?
Q.How must the balance purchase price be paid at settlement?
A. Clause 2.5 of the Standard REIQ Contract requires the Buyer to pay the balance purchase price by Bank Cheque at settlement, as directed by the Seller. A bank cheque is defined in the Contract as including a cheque drawn by a building society or credit union on itself. It does not include a cheque drawn by a building society or credit union on a bank.
A Seller does not have to accept any other type of cheque.