Hi Terry,
There is not any practical consequences of the reduction. But I don't think it is fair because now what I get is less than what I pay for. What if the reduction is much more than that say 50m2, how minor is consider minor?
Hi All,
Extracted from REIQ "Term if contract" which attached with the contract as following, I am not sure whether this will help and also confuse about immaterial and material error
"7.5 Survey and Mistake
(1) The buyer must survey the land
(2) If there is:
(a) An error in the boundaries and area of the land
(b) an encroachment by structures onto or from the land; or
(c) a mistake or omission in describing the property or seller's title to it;
which is
(d) immaterial; or
(e) material, but the buyer elects to complete this contract; the buyer's only remedy against the seller is for compensation, but only if claimed by the buyer in writing on before the settlement
(3) The buyer may not delay the settlement or withhold any part of the Balance Purchase Price because of any compensation claim under clause 7.5(2)
(4) If there is material error, encroachment or mistake; the buyer may terminate the contract before settlement"
It may not be fair, but it looks like this is something you have agreed to when you signed the contract.
Have you surveyed the land? If so did any of the above apply?