57BLand sold initially to financial institution and then re‑sold to natural person

57B Land sold initially to financial institution and then re‑sold to natural person (a) a third party and the natural person acting as agent for the financial institution enter into a contract of sale for an estate in fee simple in land; and (b) in accordance with the contract of sale referred to in paragraph (a), the estate in fee simple in land is transferred from the third party to the financial institution (***the first transaction***); and (c) at the same time as the first transaction, the financial institution and the natural person enter into a contract of sale for the estate in fee simple in land; and (d) in accordance with the contract of sale referred to in paragraph (c), the financial institution transfers the estate in fee simple to the natural person for a determined consideration (***the second transaction***). (2) No duty is chargeable under this Chapter in respect of the second transaction. S. 57C inserted by No. 71/2004 s. 17.