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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 29

Arrangement for excess advance in connection with sale of property.

29.(1) This section applies to any contract for the acquisition of freehold or
leasehold estate where, at the time when the contract is made, there is in
force, between a building society and any person having a financial interest
in the disposition of the estate, an arrangement in pursuance of which, in the
event of the society making an advance comprising an excess advance for the
purpose of its being used in defraying the purchase price of that estate, a
person will or may provide additional security in respect of the advance.

(2) The person by whom a freehold or leaehold estate is to be acquired in
pursuance of a contract to which this section applies may rescind the contract
unless, before the contract was made, there was given to him a notice
fulfilling the requirements of subsection (3).

(3) The said requirements are that the notice is in writing and in the
prescribed form and states that the security taken by the society for any
advance made by the society for the purpose of its being used in defraying the
purchase price of the estate in question may include additional security
provided in pursuance of such an arrangement as is mentioned in subsection
(1).

(4) Where a person is entitled by virtue of this section to rescind a
contract, and he has paid a deposit in respect of the contract, he may recover
an amount equal to the deposit from the person to whom the deposit was paid.

© 1967 Crown Copyright

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