May 7, 2021 Troy Delosa

What is a Section 27 Statement?

A Statement which the vendors’ representative may serve which may enable the deposit to be released to the vendor prior to settlement (if qualify pursuant to Section 27 of the Sale of Land Act).  The deposit can only be released to the vendor prior to settlement if:-

A – The amount secured by the vendors’ mortgage does not exceed 80% of the sale price
B – The loan is currently in order and there are no arrears
C – A satisfactory letter is provided by the vendors’ lender confirming details of the mortgage over the property (which includes Items a & b referred to above)
D – The Contract is not subject to any conditions, ie the vendor to attend to works, etc prior to settlement

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