Property Ventures Investments Limited v Regalwood Holdings Limited - SC 85/2008

Civil appeal – property – validity of settlement notice and notice of cancellation of an agreement for sale and purchase – whether the Court of Appeal erred in finding that the respondent had validly cancelled the agreement for sale and purchase when the Court had held that essentiality of time under the respondent’s earlier settlement notice had been waived – whether the Court of Appeal erred in finding that cl 5.4 of the standard ADLS/REINZ form (7th ed, July 1999) applies only to misdescription about the property at the time of the agreement and not to a breach of warranty under cl 6.2 – accordingly, whether the respondent’s settlement notice under cl 6.5 requiring the purchaser to settle for the full price was valid.[2008] NZCA 422  CA 43/2008 16 October  2008