Buying Commercial Property · glossary
A formal promise by a firm of solicitors in its own name, binding the firm whatever its client later does. At completion the seller's solicitors undertook to pay off Northfold and send the DS1. Fellgate accepted it only with Northfold's written figure five working days ahead. Contract 11.2 · Chapter 9 · Chapter 10 · see DS1
Explained in Chapter 9, Exchange and Completion, of Buying Commercial Property.
Also explained in Security & Collateral.
The answer was an undertaking: a formal promise by a firm of solicitors in its own name. It binds the firm personally, whatever its client later does. Imran's price for accepting one was Northfold's written figure for paying off the loan, five working days ahead.Read Chapter 9, Exchange and Completion →
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