PHOTO: Florian Kāpiti townhouse development in Paraparaumu. SUPPLIED
A woman who committed to purchasing a property on the Kāpiti Coast faced costly repercussions for failing to fulfill her financial obligations.
The property in question was part of the planned Florian Kāpiti townhouse development in Paraparaumu. After entering a sale and purchase agreement in May 2021 with the then-owner, Macquarie Trustee Ltd, Georgina Watson was expected to pay a deposit of $83,800 by June 16, 2021, with the remaining balance due on the settlement date.
Despite paying the deposit and having the agreement become unconditional by August 19, 2021, Watson failed to complete the settlement by the agreed-upon date of June 20, 2023. Despite multiple notices and requests from Macquarie, Watson did not fulfill her financial commitments.
The Florian Kāpiti development at Paraparaumu. SUPPLIED
As a result, Macquarie terminated the agreement and entered into a new one with another buyer, selling the property for $702,000, a loss compared to Watson’s agreed purchase price of $833,000.
Subsequently, Macquarie took legal action against Watson, seeking compensation for various costs incurred, including commissions, marketing expenses, furnishing costs, legal fees, and interest on the unpaid portion of the sale price.
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In a recent court hearing, Associate Judge Andrew Skelton found Watson liable for breaching the contract and ordered her to pay damages totaling $122,768.88 in addition to forfeiting her $83,800 deposit. Consequently, Watson faced a total financial loss of $206,568.88 due to her failure to meet the settlement terms.
SOURCE: STUFF