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ADLS/REINZ Sale and Purchase Agreement: Claim for Compensation
If the purchaser discovers a defect with the property or breach of the sale and purchase agreement by the vendor just days before settlement is due, what can the purchaser and vendor do in that situation? Can the vendor force settlement? Should the purchaser be allowed to claim a reduction in the purchase price? The claim for compensation provisions were designed to achieve both objectives, requiring settlement to occur subject to some adjustment of the purchase price payable on settlement.
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