Jake has successfully bid a double storey house during a property auction . He is so happy and thought the sale and purchase transaction has completed upon his full payment of the purchase price and there is nothing more to follow up. Is that true?
Pursuant to NLC s. 259(3A), the chargee bank is required to certify in writing that full purchase price has been fully settled by Jake not later than 14 days of receipt the payment and Jake will be able to obtain from the court a certificate of sale. The certificate of sale, which will be in Form 16F, shall be deemed to be an instrument of dealing and is capable of vesting and passing title or interest of the chargee bank to Jake.
Thereafter, Jake’s solicitor will only be able to send Form 16F for adjudication purpose and then presented at the Land Office together with original title, duplicate charge and all other relevant documents to register the title unto Jake’s name to complete the sale and purchase transaction.
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