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This post has been edited by MakaiKnight: Sep 17 2013, 10:16 PM
Investment Closed, Closed
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 Apr 14 2010, 12:26 PM, updated 13y ago
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#1
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Junior Member
93 posts Joined: Apr 2008 
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Apr 14 2010, 12:49 PM
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#2
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Senior Member
579 posts Joined: Mar 2010
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Property is encumbered if charged to the bank as a security for loan taken by the Company. Usually a company search will show if any charges were created by the company.
The property will only be free from emcumbrances once the charge is discharge by the bank. The agent is lying by saying it is free from encumbrance. Beware of such agents. |
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Apr 14 2010, 09:13 PM
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#3
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Senior Member
4,695 posts Joined: Jan 2005 
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If the land is charged to the bank or any other financial institution, it's encumbered.
The agent may want to express that the land is free of restriction. But used the wrong term. Anyhow, performing a land search could answer most of the question. |
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Apr 17 2010, 07:29 PM
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#4
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Senior Member
3,820 posts Joined: Jan 2009 From: Land of the Hornbills & Land Below the Wind
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QUOTE(MakaiKnight @ Apr 14 2010, 12:26 PM) My company wish to purchase a property. We found a few potential site. But this is something i don't understand. An agent told us, that the property is not subject to any encumbrances, but the land is charged to the bank. If the land is charged to the bank, naturally the property is encumbered, right ? Your agent is cincai type or he express the wrong term as @scorgio has said. Perform a land title search at Land & Survey Department.I'm very confuse now. Anybody can enlighten me ?  |
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