New Zealand Case Law: Decisions & Judgments | LexChat

New Zealand Case Law

Net sale proceeds

  • 23 Feb 2012

    S CROSBY V LEVIN MALL LIMITED HC PMN CIV-2011-454-301

    Citation
    openlaw-fa7b4f7d_d198_4fae_a292_41d3a8082bea.pdf
    Court
    High Court

    On the uncontested documentary and affidavit evidence (settlement statements, bank records, mortgage repayments, invoices and accounts), the Court concluded that after repayment of the first and second mortgages and deduction of proper sale expenses and adjustments, the amount representing the net sale proceeds available to be paid into Court was $3,673.90 (and that the $400,000 deposit had been applied to capital works), and that sum has been paid into Court accordingly.

  • 12 Oct 2011

    S CROSBY V LEVIN MALL LIMITED HC PMN CIV-2011-454-301

    Citation
    openlaw-3358da3c_611b_4319_b221_9dac429c6e2d.pdf
    Court
    High Court

    The court defined "net sale proceeds" as the gross sale price less repayment of outstanding mortgages and charges and less real estate commission and reasonable legal costs and reasonable costs and expenses properly incurred in preparing the property for sale; because respondent claimed significant unrecovered preparation costs without independent verification, the respondent must provide a detailed, verifiable assessment of those costs (and net rental revenue) within a specified timetable so the court can determine the correct amount to be paid into court under the prior order.