Our client, the purchaser, has executed a contract of sale for development land. The vendor has advised the purchaser that he now wishes to renegotiate the terms of settlement.
Our client refused any changes and wants the vendor to uphold his end of the bargain.
The purchaser instructs us to draft some sort of deed between the purchaser and the vendor which states the vendor must settle the property on the settlement date otherwise the purchaser has the right to sue the vendor for damages.
Would the most appropriate instrument be a Deed of Agreement, Deed of Settlement etc?
Thank you for the question.
The contract of sale gives the client all of those rights now and another document is superfluous.
Advise the vendor’s solicitor that the client relies on the contract and will issue a writ for specific performance if the vendor fails to settle.
Regards
Mentor
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