09 October 2020
Conveyancing - Termination notice - Failure to pay deposit
I act for a vendor where the contract is unconditional. The purchaser has not paid the balance of the deposit stating that they are still waiting on loan approval. The vendor allowed additional time to pay the deposit, but the purchaser has still not paid.
The vendor instructs that they wish to terminate the contract. Can we just issue a termination notice? If so, would you happen to have a precedent?
Thank you for the question.
The following is an extract from the By Lawyers Sale of Real Property commentary:
If the deposit is not paid in accordance with the contract the vendor may terminate the contract for breach of an essential term. The right to terminate is lost once the deposit is paid. See clause 21(h)(i) of the By Lawyers contract or clauses 2.5 and 9.1 of the Law Society contract.
A termination notice may be issued and such a notice is found in the By Lawyers Sale of Real Property guide in E. If Required – Claims, disputes and notices.
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