Australia, June 7 -- New South Wales Land and Environment Court issued text of the following judgement on May 6:
1. On 8 June 2023, the plaintiff as vendor entered into a contract for sale of land with the defendant as purchaser in relation to an off the plan purchase of a residential apartment in Point Piper (the Property). The purchase price was $16.5 million.
2. A ten percent deposit was payable in two instalments. The date of completion under the contract was 18 July 2023.
3. The first instalment of the deposit of $825,000 was paid, but the defendant failed to pay the second instalment of $825,000 by 18 July 2023. This second instalment was due to be paid on the earlier of the date of completion, being 18 July 2023, or the date on wh...