Existing shareholders generally have pre-emption rights in accordance with administrative documents. This means that they have the opportunity to acquire the shares in relation to their current stock of units. If existing shareholders decide not to exercise this right, the agent may transfer the existing units to a third party. 10.1 With the exception of paragraphs 4.1.2 and 4.4 above, the seller is allowed to terminate the contract without delay and the down payment to the seller is cancelled by the buyer. In addition, in this case, the seller has the right to put the unit for sale to third parties and the buyer has no right to object to such a sale or to cancel it or to demand any damage or compensation. The transfer of shares is generally subject to three key documents: this agreement, the contract for the sale of the common unit and the other agreements and documents referred to herein are defined by the parties as the definitive expression of their agreement and are supposed to be a complete and exclusive statement of the agreement and understanding of the parties with respect to the purpose of the agreement. (iii) The seller may sue for damages for loss of chances of selling the unit between the date of execution of the contract and the date of the restoration of the original condition of the unit. (i) the buyer agrees to bear the costs of restoring the device in its original state; 1.4 The “co-owners” are the owners of the Condominium units. Practitioners should also check whether there is an impact on excise duty and stamp duty or GST under this agreement. If you`re a unitholder in a Unit Trust, you already know how good trust can be for your finances. Nevertheless, at some point, you may want to consider transferring these units if this is the best business decision for you. However, the process of doing so is quite complex and requires planning.
This article describes the gradual process of transferring units to a position of trust in units. 4.4.1 If the seller asks the buyer in writing for payment of the unpaid amount and the buyer refuses to make it in full within fifteen (15) days from the date of the Seller`s application, the Seller is entitled to terminate the contract without delay and all funds paid by the purchaser under that agreement expire due to punitive damages and liquidation. Moreover, in such a case, the seller has the right to sell the unit to a person and the buyer has no right to object to or challenge such a sale and/or not to claim damages or compensation from the seller anywhere. When you have transferred all your shares and shares, you should generally resign. You must present your letter of resignation to the attorney. While these measures are not legally binding, they are common practices and good practices. In addition, you usually sell the shares at market value, but you can sell your shares at low prices or even for free.