DOES A CHANGE IN THE PLAN OF SUBDIVISION ALLOW PRICE ADJUSTMENT AFTER SETTLEMENT?

A recent case considered whether a price adjustment clause in a contract merged on settlement.  The Purchaser entered into a contract to purchase a shop in a “off the plan” development.  The contract contained a clause allowing for a price adjustment in the event that the area of the shop once completed was more or […]

MISREPRESENTATION REGARDING NUMBER OF CAR PARKING SPACES

A dispute over the number of car parks sold with the property.  There were only two car parking spaces and a storage area.  The storage area could be converted into a third car parking space.  However the Council prohibited the storage space being used for car parking.  The real estate agent was not aware of […]

DEFAULT IN PROPERTY SETTLEMENTS

DEFAULT IN PROPERTY SETTLEMENTS What happens if the sale of your property doesn’t settle? If the Purchaser is at fault and doesn’t settle, the Vendor may serve a Default Notice.  The notice may state that if the default is not rectified within fourteen days the Contract will be at an end and the deposit forfeited […]