22 May Auckland law firm shares | Conditions in your Agreement for Sale and Purchase.
Source : Auckland Property Law Firm – Quay Law.
A finance condition should not be viewed as an option for being released from an Agreement for Sale and Purchase. Past New Zealand court cases have highlighted this issue and purchasers have found vendors taking them to court for having cancelled an agreement based on non-satisfaction of a finance condition where the vendor has subsequently found out that the purchaser has purchased another property for the same or even a greater amount.
Purchasers should consider the inclusion of a due diligence clause within their agreement, as this would give them the option of legitimately declaring the Agreement to be “at an end”.
It is always advisable to ask your Conveyancer / Property lawyer to review your Agreement for Sale and Purchase prior to it being signed by you.
Quay Law are a legal services and conveyancing law firm based in Auckland, New Zealand. We aim to provide the highest possible level of legal services to our clients and our conveyancing team and property lawyers are proud of the work we perform for our clients and the satisfaction that they express with our services. A property lawyer’s basic work is to be involved in securing title over property transactions. Our conveyancers work on transactions regarding property in residential contexts and commercial transactions with all different types of properties. The types of properties can include residential houses, factories, office space, unit tile and cross lease and any other type of property. To contact your Auckland law firm Quay Law.