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Thread: Selling a CC with property

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    Question Selling a CC with property

    Hi all.

    I am the sole member of a CC that owns property. It was originally purchased as a stand, and the existing bond, in the CC's name, is basically for the stand. I did, in my personal capacity, make loans to the CC to improve the property, with the aim of selling it, as the CC in registered as building and maintenance. The CC is also registered for VAT.

    Due to the economic climate of the recent past, I had to let the house to cover some costs, as it didn't sell right away. The present tennant now wants to buy the property, but is interested in buying the CC with the property in it. He is willing to take over the suretyship of the bond, (Registered in the CC's name), and the only additional cost to him, will be to repay the loan that the CC owes me.

    What are the pitfalls and legal obligations in this case?

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    I.M.O the main concern would be getting yourself released from the suretyship.
    The trouble with opportunity is it normally comes dressed up as work.

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