06 Aug 2019
“They have no right to keep the 10% deposit after the land sale fell through.” Which case won?
A case in NSW revolved around the question of whether or not a property seller was entitled to keep the buyer’s 10% deposit after the sale fell through.
On 23 October 2014, two companies entered into a standard NSW contract for the sale of land with a sale price of close to $2 million. The contract specified a fixed completion date of 30 January 2015 and a paper-based settlement.
The contract required that the buyer prepare and provide the seller with the form of transfer of the property at least 14 days before the completion date.
