I spoke with the Buckingham agent this
week. The agent claims that the Buyer
has agreed to remove paragraphs 10(b)
and (c) under the heading "Confidentiality"
of Schedule 'A' of the Agreement and the
other requested changes. I also received
a letter from the Buyer's lawyer in response
to my letter of November 17th, 2007. Sounds
like progress doesn't it? But is it really?
When the Closing date arrives, will I get
the money for my house? After chewing on
this for couple of days or so, I've come to
the conclusion that paragraph 10(a) does
nothing to change my concerns. I could still
end up on the Closing date with no money for
my house.
Here's the problem with paragraph 10(a).
The Transfer (Deed) and other documents have
to be registered with the Land Registry Office
on the Closing date. If the closing date is
30 days, then the information on the property
would become public on the 30th day, the
date that the Deed and other necessary
documents are filed. Thus the requirement
under paragraph 10(a) that the Seller keep
confidential the purchase price etc. for one
year (1) doesn't make any sense since the
information would become public on the
30th day (Closing date).
If the government knows the purchase
price because the documents have to be filed
at a government agency (for tax purposes), the
Land Registry Office, and any member of the
public can obtain information on the property,
why then would the Seller be required keep
confidential what would be public information
on the Closing date?
If the Closing date is 30 days, then
the confidentialty period would be 30
days, not one year after the Closing date.
It would seem to me that the one year
period after the Closing date that the Buyer
requires confidentialty would have nothing
to do with the purchase price etc, since it
would be public on the Closing date anyway.
My guess is that paragraph 10(a) is about
keeping something secret that the Buyer has
done or intends to do that will harm this
Seller. Da Money! Failing to make payment to
the Seller? Oh, and requiring that the Seller
keep the Buyer's fraud confidential for one
year? Who knows eh?
I thought we were moving along, but the more
I think about it, the more it seems more
like an illusion. A little blip of activity
for appearances sake. But when all is said and
done, my concerns remain. The confidentiality
clause does not give this Seller confidence in
the intentions of the Buyer.
Paragraph 10 (a) under the heading "Confidentiality"
reads as follows:
(a) The Seller agrees to keep confidential
the terms and conditions of this Agreement
of Purchase and Sale and Schedule "A" hereto
and without limiting the generality of the
foregoing, the Seller agrees to keep confidential
the Purchase Price and the amount of Expenses
set out in paragraoh 7 herein for a period
of one (1) year after the Closing Date.
Let's do a hypothetical: Let's say that
ownership of my property has already been
fraudulently transferred to the Buyer or
other entity (recall paragraph 9 under
the heading "Assignment"). Let's say, it
was done electronically, one year ago.
Let's say come the closing date, no money from
the Buyer as the crime has already been
committed. I wait for the one year to expire
as per paragraph 10 (a). By that time at least
two years has gone by. And that brings to
mind the two year Statute of Limitation for
filing a lawsuit with the Court.
I think the Buyer will have to let go of
paragraph 10(a).
I forgot to mention that the agent also
said that I'm the last homeowner left in
which to make an agreement. I noticed
that along Cadillac Street, the some of
the homes are boarded up already. The last
house on the street, has been turned into
an office. I spoke with a women couple
weeks ago who told me that she'll be moving
in December as well as her next door
neighbour. I wouldn't be surprised, that
by the end of December I will be the only
resident left. That would be real convenient
wouldn' it?
See post titled, The Agreement - Seller on
Unequal Grounds; See October archives for post
titled, Agreement - The Offending Clause
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