Question

What is a purchase price reduction

Answer 1

Purchase price reduction takes place:

a) In such a case whereby the buyer and seller enter into an agreement to reduce the purchase price of the property after negotiating the price terms, but before the sale is closed.

b) Where a seller credits an inslovent buyer for the purchasing property and later reduces the purchase price and the buyer thereby gets relief from some of the debt associated with the actual purchase.

C) Where both parties agree to reduce the purchase price of actual property after the sale has closed, and the seller refunds the reduced amount to the buyer.

d) Where buyer is insolvent and get credited by seller for the purchase and later the seller reduces the price and abates some portion of debt.

IN CASE OF ANY DOUBTS FEEL FREE TO COMMENT