A WA contract of sale is conditional on development approval within 90 days, with the purchaser entitled to terminate if the condition is not met. On day 95 approval still has not been granted, and the vendor wants to continue. What are the purchaser's rights?
Correct Answer
B) The purchaser can choose to proceed or terminate the contract without penalty
When a condition is not satisfied by the date in the contract, the party entitled to terminate may either end the contract without penalty and recover the deposit, or waive the deadline and continue. The vendor cannot force the purchaser to keep waiting, and the contract does not extend itself.
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Previous Question
A contract of sale in Queensland contains a clause stating 'time is of the essence' regarding the settlement date. The purchaser is ready to settle but the vendor cannot provide vacant possession until three days after the contractual settlement date due to tenant issues. What is the most likely legal consequence?
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A contract of sale includes a finance clause with a 21-day approval period. On day 20, the purchaser's bank requests additional documentation that will delay approval by one week. What should the purchaser do to protect their interests?