Invention Application
- Patent Title: Arrangement for Reducing Risk in the Sale of Property
- Patent Title (中): 降低物业出售风险的安排
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Application No.: US11885701Application Date: 2006-03-23
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Publication No.: US20090132426A1Publication Date: 2009-05-21
- Inventor: Michael John Baron Smith , Michael John Kelly
- Applicant: Michael John Baron Smith , Michael John Kelly
- Priority: AU2005901466 20050323
- International Application: PCT/AU06/00387 WO 20060323
- Main IPC: G06Q40/00
- IPC: G06Q40/00 ; G06Q50/00 ; G06Q10/00 ; G06Q30/00

Abstract:
Disclosed are arrangements for selling property off the plan, involving issuing (in a step ‘8’ in FIG. 6) an undertaking from a bank of a purchaser in favour of the developer from whom the property is to be purchased. The undertaking may be assigned (in a step ‘12’ in FIG. 6) to the developer's bank. The undertaking is legally enforceable by the assignee (in a step ‘15′’ in FIG. 6) if the purchaser, notwithstanding the fact that the developer has completely fulfilled the contractual obligations, defaults on his obligation at settlement.
Information query