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Buying Agri land Folio Burdens legal help

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  • 22-07-2017 1:21pm
    #1
    Brian Leahy
    Registered Users Posts: 1 ✭


    Hi, I'm about to purchase a small plot of land and the folio says: (see below) I have no idea whats this means, any legal eagles out there that might be able to help, Thank you.

    The property is subject to the provisions prohibiting letting, subletting or subdivision specified in Section 12 of the Land Act, 1965, and to the provisions restricting the vesting of interests specified in Section 45 of the said Act in so far as the said provisions affect same.
    Cancelled <snip> 11-JUL-2006

    Charge for present and future advances repayable with interest. **(Maximum Duty €630 paid)**
    ALLIED IRISH BANKS plc is owner of this charge.
    Certificate of Charge issued. Rule 156

    Note : This charge registered also on folios <snip>, <snip>, <snip> and <snip>.
    Note :- The Certificate as to registration required by Section 99 of the Companies Act, 1963, has not been produced.


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    #2
    busylady
    Registered Users Posts: 82 ✭✭busylady


    The first burden is cancelled so it no longer affects the land. The second relates to a mortgage in favour of AIB which is registered on this folio and also other folios - a release of this mortgage on the land being sold will have to be obtained from AIB, and the Vendor will have to arrange for this. Your solicitor will want confirmation that the proceeds of the sale will be sufficient for the bank to discharge the mortgage.


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