Where X purchases a Sectional title unit, but since X does not have enough cash to pay
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- Where X purchases a Sectional title unit, but since X does not have enough cash to pay the purchase price X borrows the balance of the purchase price from Y. Simultaneously with the transfer into his name, X mortgages the sectional title property (an apartment in a complex) in favour of Y to secure the loan .Analyse and explain the types of mortgage bond/s that will be registered.
- X is now indebted to Y who is not satisfied with X's ability to repay the debt or the sectional title unit as security and demands an additional security. Z (a relative of X) is prepared to sign a suretyship to secure X's debt to Y. Analyse and explain the types of mortgage bond/s that may be necessary.
Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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