Q. Are there any warranties given by the seller when selling their property?
A. Yes. The standard REIQ Contract contains certain warranties given by the Seller of a property to the Buyer as to their capacity to complete the Contract, the correctness of the title, that there are no judgements, orders or writs affecting the Property, and that there are no unregistered dealings (among others).
What are the essential elements of a contract of sale on lands?
TIP – It is important that the Seller gives full disclosure of all matters that pertain to warranties in writing before the Contract is entered into by the Buyer, it is also important that these matters are disclosure in the Contract of Sale as evidence that the Buyer was aware of these matters when entering into the Contract.