This precedent is a special condition for use with the 2005 or 2014 edition of the Contract for Sale of Land by the Law Society of NSW and Real Estate of NSW.
This special condition may have a limited application. It is possible to get a special grant of probate or letters of administration restricted to completing the contract at very short notice. Practitioners are referred to paragraphs 5245-5249 of Succession Law and Practice NSW. Bankruptcy law limits the rights of a party to rescind or terminate a contract with another on that other’s bankruptcy.
This clause offers two alternatives to the innocent party, they can either rescind or terminate the contract.
This precedent has been authored for LexisNexis by Daniela Terruso, Director, Intelmar and Peter Kirsop, Special Counsel, MRM Lawyers.
This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.