CPPIB Credit Investments v Ren [2018] NSWSC 1568

CPPIB Credit Investments v Ren [2018] NSWSC 1568

The purchaser was not entitled to rescind the contract nor to relief against forfeiture of deposit, as the vendor did not breach cl 41.3, complied with contractual requirements, and was ready, willing, and able to complete; the deposit was forfeited by reason of the purchaser's own actions of non-compliance with the contract and special conditions, and the statutory discretion to order repayment of the deposit was not exercised in the purchaser's favour.

Jurisdiction
Australia
Judgment Date
18 October 2018
Procedural Posture
Principal Judgment / Final Judgment Following Contested Hearing
Outcome
Vendor validly forfeited purchaser's deposit; purchaser not entitled to relief against forfeiture.
Legal Topics
['contract for Sale of Land' 'forfeiture of Deposit' 'relief Against Forfeiture' 'vendor and Purchaser Law' 'defect in Title']
['real Property' 'commercial Law' 'equity'] ['contract for Sale of Land' 'forfeiture of Deposit' 'relief Against Forfeiture' 'vendor and Purchaser Law' 'defect in Title']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Principal Judgment / Final Judgment Following Contested Hearing

Legal Issues

  1. 1 ["Whether vendor validly forfeited purchaser's deposit" 'Whether purchaser validly terminated contract' 'Whether vendor complied with warranties regarding entitlement to legal and beneficial title' 'Correct construction of special conditions as to right of termination' 'Whether vendor terminated contract for convenience' 'Whether purchaser entitled to relief against forfeiture of deposit']

Ratio Decidendi

The purchaser was not entitled to rescind the contract nor to relief against forfeiture of deposit, as the vendor did not breach cl 41.3, complied with contractual requirements, and was ready, willing, and able to complete; the deposit was forfeited by reason of the purchaser's own actions of non-compliance with the contract and special conditions, and the statutory discretion to order repayment of the deposit was not exercised in the purchaser's favour.

Court Disposition

Vendor validly forfeited purchaser's deposit; purchaser not entitled to relief against forfeiture.

Orders

  • ['Declaration that Ms Kong is entitled to deposit paid and interest thereon; deposit to be paid to Ms Kong or as she may direct.' 'Purchaser to pay vendor’s costs.' 'No order as to trustee’s costs.' 'Direct parties to bring in draft orders to give effect to reasons.' 'List matter for directions at 10am on 25 October...