There has been a very important Supreme Court decision relevant to all people using the standard form ADLS/REINZ agreement for sale and purchase, whether for residential or commercial deals.
The facts
Property Ventures Investments Limited v Regalwood Holdings Limited concerned the sale and purchase of a commercial property in Christchurch for $1.5m. The standard form ADLS/REINZ agreement was used. The vendor had warranted that the building would have a warrant of fitness on settlement. There were problems and the warrant of fitness was not issued.
Read more: http://propertyblogs.co.nz/2010/07/2...urchase-price/
Cheers
Marc
The facts
Property Ventures Investments Limited v Regalwood Holdings Limited concerned the sale and purchase of a commercial property in Christchurch for $1.5m. The standard form ADLS/REINZ agreement was used. The vendor had warranted that the building would have a warrant of fitness on settlement. There were problems and the warrant of fitness was not issued.
Read more: http://propertyblogs.co.nz/2010/07/2...urchase-price/
Cheers
Marc
Comment