Sale of land
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Deposits hold a special place in contracts for the sale of land and do not fall within the general rules about penalties. Where a purchaser defaults the deposit (customarily 10 per cent) can be forfeited even though the amount of the deposit bears no reference to the anticipated loss to the vendor flowing from the
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What is the extent to which a contract is under the “control of the court” after an order for specific performance is made in favour of a vendor of land, the purchaser fails to comply with that order and the vendor then seeks vacation of the order and leave of the court to obtain damages
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In Gayed & Anor v Yuan [2024] VSCA 85 the Victorian Court of Appeal confirmed that: The purchasers bought land for $3,190,000 and paid a deposit of 10% of the purchase price, being $319,000. Three weeks before settlement the purchasers’ solicitor advised the vendor that the purchasers would be approximately $160,000 “short” of the balance needed to
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The latest edition of The Mortgagee’s Power of Sale has been published by LexisNexis. Now in its fourth edition this book started life in 1980. The book is primarily written for practitioners and the text is arranged, as far as possible, in the same chronological order as the steps a mortgagee may take in selling mortgaged property under the
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The High Court has resisted an invitation to expand the grounds on which a party can enforce an oral contract for the sale of the land on the ground of part performance. Legislation in each State and Territory requires that contracts for the sale of land meet certain formal requirements if they are to be
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In the post of earlier today I referred to the Justice Legislation Miscellaneous Amendment Bill 1990; the reference should have been to the Justice Legislation Miscellaneous Amendment Bill 2018.
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Deposits hold a special place in contracts for the sale of land and do not fall within the general rules about penalties. Where a purchaser defaults the deposit (customarily 10 per cent) can be forfeited even though the amount of the deposit bears no reference to the anticipated loss to the vendor flowing from the
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A purchaser of land in Victoria may terminate the contract “at any time before the expiration of three clear business days” after signing the contract. See: s.31(2) of the Sale of Land Act 1962 (Vic). The termination notice must be “given to the vendor or his agent” or left at an address specified in the
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Vendors who terminate contracts for the sale of land on the ground of a default by the purchaser often claim interest on moneys that have not been paid calculated from the date of the breach to the date of termination. Clause 25 of the general conditions of the standard form of contract concerning the sale
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In Cassegrain v Gerard [2015] HCA 2 the High Court of Australian had to decide whether a wife’s title as a joint proprietor with her husband was defeasible by reason of the husband’s fraud. The case contains an interesting discussion about when the fraudulent acts of an agent can be attributed to the principal and
