On Wednesday 18 March 2009, Madgwicks released an e-alert entitled: Acceptance of Deposit Bond in Lieu of Deposit Leads to Termination of Off the Plan Contract. The e-alert reports that the Supreme Court of Victoria has found that payment to a Vendor under a deposit bond for security of deposit money in a contract for the sale of land was in breach of section 9AA of the Sale of Land Act 1962 (Vic) (Act). Madgwicks' Property & Construction Group is able to advise on all aspects of the Sale of Land Act 1962 (Vic) (Act). To view the complete e-alert, please click here Acceptance of Deposit Bond in Lieu of Deposit Leads to Termination of Off the Plan Contract To subscribe to Madgwicks' Property & Construction e-alerts, please click here and specify your desired subscription. |
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