Legislation gives purchasers of residential property in NSW the opportunity to seek legal advice before they bind themselves in buying property. That is done under a mechanism that gives them five days after the date of their purchase contract to end that contract and to get back the bulk of their deposit under that contract. […]
Business owners, also would-be business owners, are aware of the importance of having any premises leases in respect of the business assigned when the business changes hands. That is, the vendor will arrange with the landlord for the business premises lease to be passed on to the purchaser. The need for that is self-evident; without […]
The Retail Leases legislation was recently amended to require that security deposits taken by landlords under the Retail Leases Act be lodged with the so-called Retail Lease Bond Scheme. Any interest on security deposits is forfeited to the NSW Government. If there is any disagreement between the tenant and landlord on the allocation of funds […]
The common law rule is that any difference between the land described in the contract and the land to be actually conveyed constitutes a defect that entitles the purchaser to rescind. Vendors must be careful to protect themselves with effective defects clauses to avoid having contracts terminated in reliance on this rule. In Vella v […]
Being an accommodating purchaser who agrees to a release of deposit increases risk in yet another way. If you exchange contracts to purchase property and cannot complete, you may lose more than your deposit and any deficit in eventual sale price. In a case decided early 2008 a vendor had exchanged contracts to sell his […]
The following case illustrated that it often helps to talk to a solicitor about the terms of a contract before acting on what you thought was right. A purchase of shares in a retailer company fell through because the buyers failed to follow the prescribed procedure after exercising their option to purchase. In this case […]
The following case illustrated that it often helps to talk to a solicitor about the terms of a contract before acting on what you though was right. A purchase of shares in a retailer company fell through because the buyers failed to properly follow the prescribed procedure after exercising their option to purchase. In this […]
