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Finance approval an important first step in consent orders

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Consent orders often contemplate a transfer of real estate from one party to the other, perhaps accompanied by a refinancing of loans and payment of money. These transactions are not “subject to finance”. In other words, the party borrowing the money must ensure they have made arrangements for finance (whether by seeking finance approval from a bank or otherwise) before signing the application for consent orders.

Once pronounced by the court, consent orders are legally binding. Subject to very limited exceptions, the orders cannot be changed. It is important that you consider how the transactions will be carried into effect. If you anticipate difficulties in implementing or carrying out the transactions, it is sensible to provide for alternative options (for example, a sale of real estate) in the consent orders.

 

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