Nominating A Substitute Purchaser?
It is common for a named purchaser under a contract of sale of land to nominate an additional or substitute purchaser. A nomination, in its simplest form, is a two-party agreement between the named purchaser and the nominated purchaser.
(Image source: Shutterstock.com)
Adam Held, Held Lawyers
It is common for a named purchaser under a contract of sale of land to nominate an additional or substitute purchaser:
- right to nominate is regulated by the contract
- the nominee does not become a party to the contract
- a nomination may be withdrawn and a fresh nomination made.
A nomination, in its simplest form, is a two-party agreement between the named purchaser and the nominated purchaser. There is no spec…
