The importance of due diligence in your conveyance

You may have come across the article in the news lately stating that renowned actress Toni Collette was sued for damages for not completing a purchase of a house in Sydney.The legal action that followed resulted in the actress and her musician husband David Galafassi being ordered by the NSW Supreme Court to pay $815,000 in damages after pulling out of the purchase of a Paddington terrace house. The couple signed contracts to buy the house in September 2011 for $6 million but when it came time to complete the transaction, the couple were unable to complete the transaction, reportedly as they did not have the money at the time.

The house later sold to someone else for $5.5 million but the vendor sued the couple for the loss they suffered including a lower sale price, interest and land tax, and won.

This story outlines the need for true and accurate due diligence being conducted prior to you signing a contract to purchase a property. Click here to read the full news article.

Your lawyer can help to advise you of your rights and responsibilities as a potential purchaser.