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- In real estate transactions, a deed of undertaking is a binding promise made by one party to induce the other party to close the transaction12. It can be enforced as if it were a separate contract. Common examples include the seller's undertaking to pay out its mortgage, tax, and utility accounts, and to provide vacant possession1.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.An undertaking, in the case of real estate transactions, is a special promise made in order to induce (convince) the other party to close the transaction, and it can be enforced as if it were a separate contract. On a typical home sale, the seller will undertake to pay out its mortgage, tax and utility accounts and to provide vacant possession.stewartesten.ca/undertakings-and-holdbacks-in-rea…In the context of a real estate transaction, an undertaking is a binding promise. The purpose of them is to persuade parties to close the transaction. Much like a contract, an undertaking is enforceable.kahanelaw.com/real-estate-undertakings/ - People also ask
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WEBDEED OF UNDERTAKING (No PDCs for EOP accounts) KNOW ALL MEN BY THESE PRESENTS: I/We, ____________________________________ (Buyer/s), purchased …
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