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What does Property shall be sold subject to any valid existing tenancy mean?
[Question]
What does Property shall be sold subject to any valid existing tenancy mean?
...provided that if the amount realised is at the sale of insufficient to meet the amounts owing to the preferent creditor and the execution creditor, then the property shall be sold free of any tenancy.
what does this mean?
it is in a conditions of sale of property on execution sale.
“Curiousity is the discovery of satan, the devil was hidden and far, now he stares everyone in the face.”― Michael Bassey JohnsonThere is evil! It's actual, like cement... I can't believe it. I can't stand it. Evil is not a view... it's an ingredient in us. In the world. Poured over us, filtering into our bodies, minds, hearts, into the pavement itself.
The are mixed issues here - as these terms normally apply to sale of land by agreement. This description sounds like it has been adapted to suit a sale in execution condition. But for property sale - how does this sound?
If the property is tenanted, the tenant is not bound to vacate the property until the term of the lease has expired and a valid notice to vacate has been served. If the property is subject to a fixed term tenancy, you should be sure that the term of the lease has expired or will expire before the settlement is due.
Or - the existing tenant comes with the package till the existing lease expires.
But this is only my personal opinion. Any better explanations would lift my own knowledge.
"The mind is like a garden - if you do not cultivate it, you cannot harvest from it"
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