Law 2 Case Study Example | Topics and Well Written Essays - 1250 words

Law 2 - Case Study Example In Australian law, the legal transaction involving selling or buying of property is referred to as ‘conveyancing’ (Civil Law ‘Sale of Residential Property’ Act 2003). This law deals with transfer of property ownership and the process to be followed by buyer and seller. The process is more involved with the buyer than the seller. The seller’s duty is mainly to make sure that the buyer receives good title, ensure any mortgage payout over the property is settled, and making sure the agreement cost is settled. The buyer on his part has to ensure clarity of the title, prepare documents required for the transfer, and organize the funds required for the transaction. For the situation, the buyer (Gary) should sue Sheldon for providing false documents in the contract. He is therefore, entitled to compensation as stated in section 19 of the sale of residential property. Under this section, where it is a requirement that the buyer be compensated if the statements or reports provided as per section 9, are false or misleading or are not prepared with exercise of practical skill and care, and as a result, the buyer is subjected to loss. Gary may also lose the case if it is found that it is through neglect that he got involved in the situation at hand. Gary was supposed to be extremely cautious in getting into the contract by fulfilling some of the most decisive legal requirements that would make Sheldon obligated to him. These would involve him, ensuring that all the special conditions are inserted pertaining the agreement. This would have been best if he hired a solicitor to check the contract before agreeing to sign. Through this, he would have been aware of defects in the contract such as Sheldon’s missing name and signature. It is a requirement by the sale of property in NSW, for any deposit made to be held by the seller’s agent or solicitor. The deposit is protected by legislation in the hands of solicitor or agent from any form of misuse. The