Agreement Of Sale Nominee

The seller has clearly entered into a contract with the buyer, so that if no other party is designated by the buyer, the first position applies. However, where a buyer is designated, has there been a partial or total re-evaluation of the contract (including an assignment of the buyer`s rights)? This would be the case in second, third and fourth place. Or is there only an assignment of the buyer`s rights, as in the last position? The standard contract of sale and purchase in New Zealand contains a provision stating that “[w]here the buyer of this contract with the disposition for a nominee. the buyer remains responsible at all times for all the obligations of the buyer. This provision, which is only the common position, probably eliminates the uncertainty that could result from an agreement that the buyer is `X or Y`. This provision does not deny the second to fourth position if it is accepted that the buyer`s obligations arising from these alternatives are similar to those of a guarantor. It generally seems unlikely that a seller has agreed in advance to novaize the contract to an unknown person where an appointment is taking place. Therefore, the final position appears to be the most likely legal effect of the inclusion of “and/or nominee” in the buyer`s description, i.e. a right to assign the benefit of the contract to a nominee. Since a buyer can in any event assign the advantage of the contract without the agreement of the seller (2), this analysis shows that the inclusion of “and/or nominee” in the buyer`s description is doubly superfluous. Another analysis of the meaning of the insertion of “and/or nominee” is that these words are part of the buyer`s definition, so that if a person designated by the buyer otherwise becomes a buyer or buyer in its own right, it becomes appropriate to apply the word “buyer” to that person in accordance with the contract. Regardless of the correct analysis, it can be strongly argued that the insertion of “and/or nominee” in the buyer`s description – whatever else it does – does not create the buyer`s right to designate a person who will take the property in the buyer`s place. .

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