Purchase of Land Matter. Property Law and Conveyancing presents its own unique challenges.
After an unconditional exchange of contracts, a client of Ryan & Ryan Lawyers had a change of mind about buying a property.
The contracts had been unconditionally exchanged.
If our client was to withdraw from the contract they would have forfeited their 10% deposit to the vendor.
In addition, the vendor would have been entitled to claim other losses from our client which could have dramatically exceeded 10% of the purchase price.
What We Did
We trawled through the contract and discovered a number of irregularities and alleged breaches of the vendor’s obligations under the Conveyancing Act and Regulation.
We then negotiated with the vendor’s representative for the contracts to be rescinded and for the parties to be returned to their original positions, as if the contract never existed.
Our client received the refund of their 10% deposit and was able to avoid completing the contract.
All parties avoided litigation and were restored to their original positions.
At Ryan & Seton Lawyers, we’re a progressive law firm who can help you with all property matters. Please contact us today if you need professional advice.