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Terms of contract following settlement

Terms of contract following settlement

Q. After settlement can the terms of the contract still be enforced?

 

A. Certain provisions of the contract can be enforced after settlement. Essentially any term of the contract which can take effect after settlement will remain in force. That means provisions in the Contract regarding warranties, adjustments of outgoings, payments to government bodies and the right to payment of the full purchase price are still enforceable.

 

TIP- In some cases, a demand for compensation needs to be made prior to settlement otherwise the parties rights may be lost on a settlement. (eg. Where there is an error or mistake regarding title, such as failing to disclose an easement in the contract)