With a look at the recent matter of BP7 Pty Limited v Gavancorp Pty Limited [2021] NSWSC 265, Property Partner Robyn Chamberlain discusses Put and Call Option Agreements within the context of residential property transactions.
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With a look at the recent matter of BP7 Pty Limited v Gavancorp Pty Limited [2021] NSWSC 265, Property Partner Robyn Chamberlain discusses Put and Call Option Agreements within the context of residential property transactions.
![The Impact of COVID-19 on Property Contracts: Dyco Hotels Pty Ltd v Laundy Hotels (Quarry) Pty Ltd [2021] NSWSC 504](/upload/holman-webb-lawyers/shutterstock1836317824-covid-pandemic-masks-business.jpg)
The recent case of Dyco Hotels Pty Ltd v Laundy Hotels (Quarry) Pty Ltd [2021] NSWSC 504 reminded me of a matter I was involved in last year during the first COVID-19 lockdown.
In that matter, Holman Webb acted for the seller of the freehold and business of a hotel. Contracts were exchanged when knowledge of COVID-19 was only just starting to spread - although settlement was due after the public health orders had been implemented.
The lockdown caused hardship for many people. Fortunately, in this particular matter, the parties came to a sensible settlement and the sale was able to proceed.
Contrastingly, in the recent NSW Supreme Court case of Dyco Hotels v Laundy Hotels (Quarry), the parties were unable to settle the dispute – with the seller terminating the Contract and keeping the deposit of $562,500.
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