Delivery, Acceptance, Affidavit of Completion, Release

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Delivery, Acceptance, Affidavit of Completion, Release

When the possession is to be given it is done by delivering the deed as well as the key. This is done at the final settlement and this is done only on full payment of the purchase price balance which is due or any other amount which is due as per the agreement, in addition to fees and charges after the mortgage has been finally approved.

When there is the final settlement and before the possession is given to the purchaser, the purchaser needs to execute an affidavit which states the completion and release which is satisfactory. This is given to the seller and the seller is then released for any and all claims that arise. If the buyer does not execute and hand over the affidavit then the seller may not deliver the possession and will also retain liquidated damages or else the seller may elect a sum or sums based on the purchase price. And if this happens then the agreement stands voided and cancelled and the seller will not have any liabilities with regards the buyer.

When the key is accepted, the buyer accepts that the premises are completed and it discharges the seller of all obligations as well as all liabilities in all aspects and manners. After this is done, the buyer cannot hold the seller liable for any loss, injuries or damages which are either on the premises to the buyer or any person. Any undetected or undiscovered facts also are covered by this and the seller is discharged from it totally.

Delivery, Acceptance, Affidavit Of Completion, Release

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