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In Ryde Ex Services Memorial and Community Club Ltd v Kaloriziko Ryde Pty Ltd [2017] NSWSC 1576, the purchaser of premises failed to complete the transaction by the settlement date. The vendor sought a court order to enforce the sale as the purchaser was not financially able to complete the transaction.
The Court held that specific performance may be refused due to the purchaser’s inadequate finances. However such refusals should be issued cautiously by the Courts. Generally it is not ideal that purchasers should be able to escape compliance with a sale of land contract based on financial problems. Read full case