Mortgagee Sale- It Gets Complicated

 Bayleys, Westpac in court over sale


A Palmerston North developer is suing a real estate agent and a bank after missing out on buying a Broadway property for almost $2 million less than its market price.
But lawyers for the two companies told the High Court in Palmerston North yesterday the developer should have read the fine print in the contract.

A hearing was held yesterday to determine whether Batchelar Centre Ltd’s complaint against Bayleys Coast to Coast and Westpac New Zealand over the February 14 sale of 33 Broadway Ave would go to trial.

Batchelar Centre had made an offer to buy the property, valued at $2.35m, for $400,000 but it was sold to Brian Green Properties for $405,000.
The property was sold by Westpac as a mortgagee sale. The bank used a better-offer clause to get out of the deal with Batchelar.

On December 12 last year, Batchelar Centre made an offer of $400,000, the court heard, and the contract was signed with settlement due on April 1.

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