Yes, the advance is a mortgage secured against the property and is subject to a full set of terms, conditions and qualification criteria. Full details and terms are available on request.
You must vacate the property when you draw down the advance.
Note that once you have drawn down the advance, Nested will have the right to set the list price for the property, and will have the final say on whether or not to accept an offer on the property.
You must also grant Nested an option to purchase the property for a price equal to the amount of the advance if it gets towards the end of the 12 month advance period without selling. Whilst in theory this could result in Nested purchasing the property for less than the market value, in practice, if the property hasn't sold by the end of the 12 month advance term, it is likely that the advance would be at or above the market value of the property at that time.
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