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A property in North Bondi was sold at auction on 21 November 2013 for $4,400,000.00. Settlement of the contract was delayed but ultimately took place on 13 March 2014. The contract for sale of the property noted that there was a substantial amount of “equipment, building materials and rubbish in and about the property”.

The contract included a special condition that “the purchaser agrees that the vendor will have given vacant possession of the property even if … equipment, building materials or rubbish are located in or about the property on the completion date”.

In November 2020, two parties signed a contract for the sale of a residential property in Sydney. The purchase price was set at $2,350,000. On the front page of the contract, that both parties agreed to and signed, it was accepted that the buyers would pay a deposit of 10% of the purchase price, being $235,000.

Contracts were exchanged conditionally, subject to a ten-day cooling off period. The cooling off period was subsequently extended at the request of the buyers, but nevertheless expired on 12 January 2021.

From the date of exchange of contracts to the date for completion, the owners had only received $15,875 from the buyers ($219,125 less than the stipulated deposit). The buyers did not provide a valid explanation for their failure to pay the full deposit.

Australia’s unique native species, particularly birds and reptiles, are targets of the international illegal wildlife trade, causing thousands of deaths every year. What is the illegal wildlife trade? The international illegal wildlife trade is a multi-billion dollar industry involving millions of individual specimens. Wild animals are traded alive to be kept as pets or put […]

Cold calling by financial services salespeople trying to flog unwanted products to unsuspecting customers has been made illegal as scams soar across the country. The Australian Securities and Investment Commission (ASIC) brought in the ban in its role as financial regulator following recommendations of financial sector reforms by the banking Royal Commission. Cold calling laws […]

For a residential property sale to go as smoothly as possible for all parties, it is helpful for real estate agents to provide complete and accurate information to the lawyer (solicitor) or conveyancer who is handling the transaction. This article outlines some of these items. Sales process for residential property There is a normal sales […]

Meet the 2021 winners of the 16th Annual CHOICE Shonky Awards. There’s the $300 bladeless fan that lacks puff, the $499 kitchen food mulcher that produces “eco chips”, and fruit jelly sweets that are 69 per cent sugar. There’s also the Buy Now Pay Later provider that lends money without checking whether the debt can […]

If you are selling or buying residential or commercial property in New South Wales, it is likely you will come across a release of deposit clause. What does this clause mean? And what risks does it present for the purchaser? What is a release of deposit clause? Generally, when a party enters into a contract […]

On 19 January 2018, a buyer and seller exchanged contracts for the sale and purchase of a property in Kissing Point Road, South Turramurra, in NSW. The sale price was $2.83 million, with a 10% deposit of $283,000.

The buyer was a company. The sole director and secretary of that company signed the contract as guarantor.

On exchange of contracts, the buyer paid a five per cent deposit of $141,500. A clause in the contract provided for the balance of the deposit to be paid “on or prior to completion”.

The date for completion was 19 July 2018, being six months from the date of exchange.

Under the contract, if the buyer did not complete on the due date then the sellers could issue a notice to complete, making time of the essence. The new completion date set out in the notice to complete had to be “not less than 14 days after the date of service of the notice”.

The parties entered into a conveyancing transaction for off-the-plan (unregistered) residential land in Picton, NSW.

The vendors were husband and wife. The wife signed the contract of sale on behalf of her husband. The purchaser signed the counterpart contract and the contracts were exchanged on 2 July 2015.

The contract contained several special conditions, one of which provided that the plan of subdivision must be registered within six months from the date of the contract (commonly referred to as a “sunset date”). If the vendor did everything reasonably necessary to register the plan of subdivision but failed to do so within this time, it would enable either party to rescind – that is, terminate the contract.

Going guarantor on someone else’s loan or debt is a serious commitment which should not be taken lightly. What is a guarantee? A guarantee is an assurance or promise. A person who guarantees a loan agreement is known as a guarantor. The guarantor provides a security over an asset, such as a mortgage over property, […]