Legal Advice- Auction Properties

[stardust1982]

Please help!
We are thinking of buying a property through auction and we have just seen the legal papers for a property we like. Being first time auction buyers through auction, we would like some advice. The transaction looks peculiar as it was sold only last month and the new buyer is looking to sell this property via auction having only completed on it on the 15 Nov 2011.

In the terms of the sale they have included special considerations with the following para included:
"No requisition or objection shall be raised with respect to the fact that registration of the title of the Seller to the property has not been completed at HM Land Registry provided the Seller's solicitor shall provide the buyers solicitor with an undertaking to have the sellor registered at HM land Registry as expediently as possible and further on completion, the buyer shall pay the solicitor for the Sellers agent, the balance of the purchase monies on an interest free loan to be paid to the seller and which loan shall be discharged in full upon production of the title information document evidencing the sellers title to the said property."

One long sentence! Please can someone clarify what the sentence actually means in plain english? Especially the highlighted part of the sentence. Our solicitor is also struggling with this and the auctioneers are being very slow to explain this.

Thanks!

[labman]

Re: Legal Advice- Auction Properties

In the terms of the sale they have included special considerations with the following para included:
"No requisition or objection shall be raised with respect to the fact that registration of the title of the Seller to the property has not been completed at HM Land Registry provided the Seller's solicitor shall provide the buyers solicitor with an undertaking to have the sellor registered at HM land Registry as expediently as possible.

the buyer shall pay the solicitor for the Sellers agent,
You would pay their agency fees.

The buyer shall pay the solicitor for the balance of the purchase monies on an interest free loan to be paid to the seller and which loan shall be discharged in full upon production of the title information document evidencing the sellers title to the said property."
The property is not yet registered with the Land Registry, so you would not have title until it is registered in your name(s).

To me it reads that the seller will provide an interest free loan to the buyer (the price it sells for at auction, say £100,000). Once the buyer has registered the property with the Land Registry and got title, on production of the title information document proving your entitlement to the property, the £100,000 (or selling price at auction) is then immeidately due to be paid.
That is how it reads to me.