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Divorce lawyers expect more risks amid rising property prices
By Naomi Neilson|11 May 2021
As more younger couples continue to borrow from their parents to survive the rising property prices, divorce lawyers are witnessing a major increase in the number of loan arrangements and financial agreements as a consequence.
Barry.Nilsson. principal Will Stidston cautioned family lawyers to expect that clients may approach them at risk of losing their parents’ money to partners in divorce settlements. He said with rising property prices, parents are running the risk of losing their investments when their children split from their partners in 10 or 15 years.
Lender crackdowns costing property buyers their deposits
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Fast-rising residential property prices and fierce competition are exposing buyers to increasing legal risks of having their contracts rescinded and deposits forfeited.
A recent Supreme Court decision highlights that buyers who fail to strictly adhere to paying deposits by agreed dates are in breach of contract, can lose deposits and be ordered to pay court costs.
A Supreme Court ruling shows terms of property contracts will be strictly enforced.
Jessica Shapiro
Giles Stapleton, a barrister, of Selborne Chambers in Sydney, says: “It reinforces the importance of contract terms being crystal clear. Do not chance it.”
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