Legal Project Management Plan & Checklist
Purpose of this Guide: Use this guide when the purchaser has defaulted on their obligation to settle the residential property transaction on the scheduled settlement date. This pathway addresses the default remedies, calculation of late interest, service of a Settlement Notice, and subsequent contract cancellation or specific performance actions. Property Law Act 2007.
Jurisdiction: New Zealand (National). The proceedings are handled under the default rules of the ADLS/REINZ agreement and disputes may be referred to the High Court of New Zealand for specific performance applications. High Court of New Zealand.
The Process at a Glance: The vendor's practitioner first verifies that the vendor is ready, willing, and able to settle by ensuring all land transfer e-dealing certifications are signed. The practitioner drafts and serves a 12-working-day Settlement Notice on the purchaser's solicitor. Penalty interest is tracked and calculated daily. If settlement is completed within the notice window, e-dealings are released; if the purchaser fails to settle, the vendor may cancel the contract, forfeit the deposit, and claim damages, or sue for specific performance. Ministry of Justice.
Key Legislation and Case Law: Property Law Act 2007 - s 49-50 (damages and cancellation provisions), and Contract and Commercial Law Act 2017 - Part 2 (cancellation and remedies). Key cases: Steel v Serepisos [2006] NZSC 107 on the essential requirements for making time of the essence in a land transaction and the validity of default notices; Guscott v Griffiths [2020] NZHC 2030 regarding specific performance criteria. PLA 2007 and Contract and Commercial Law Act 2017.
* Disclaimer: We're nobody's lawyer, because we aren't lawyers. You are, so you know better than to take legal advice from an app. We also aren't accountants or dog trainers - just digital spirit guides taking zero liability for any of this. This site exists to gather the collective knowledge of practitioners like you. Verify everything and submit your feedback on the Residential Property Sale (Vendor) - Purchaser Default - Settlement Notice Procedure matter plan to improve the playbook. THIS IS NOT LEGAL ADVICE, it's a request for input.
This legal matter plan provides a structured workflow for REAL_ESTATE cases, outlining the standard TRANSACTIONAL process. Utilize these tracking templates to manage your legal cases efficiently.
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