Two property companies face further charges on their legal bills after a Supreme Court decision recommended another round in the High Court.Graeme Skeates agreed to sell a subdivision section he owned at Cromwell through his company Mana Property Trustee
Two property companies face further charges on their legal bills after a Supreme Court decision recommended another round in the High Court.
Graeme Skeates agreed to sell a subdivision section he owned at Cromwell through his company Mana Property Trustee to Queenstown resident Chris James’s James Developments.
The agreement was that for $4.5 million the section that Mana had bought from Central Otago District Council would be not less than 4.71ha.
When a certificate of title was issued it was for slightly less area than that at 4.69ha, so James Developments cancelled its purchase agreement in November 2008. It was placed into liquidation in July last year.
The Supreme Court said in its judgment that the size of the section was not an essential term of the contract, so that did not give James Developments the right to cancel its agreement to purchase.
Mana Property Trustee was given permission by the Supreme Court to remit to go back to the High Court for “outstanding questions” to be answered.
Costs were set aside.
