Myles Pearce & Co Pty Ltd v Leuci and Martin

Myles Pearce & Co Pty Ltd v Leuci and Martin involved the validity of a vendor's statement under the Land Agents, Brokers and Valuers Act 1973. The case focused on whether certain defects in the vendor's statement rendered it invalid, thereby affecting the purchasers' right to rescind the contract under section 88 of the Act. The key legal issues revolved around the necessity for substantial compliance with the statutory requirements of section 90 and the prescribed particulars in Form 18, and whether the statutory remedies under section 91G provided an exclusive remedy for defects in the vendor's statement. The court held that the failure to disclose a mortgage, information about a previous transaction affecting the land, and the nature and extent of an encumbrance each constituted material defects that invalidated the vendor's statement. The court reasoned that the purpose of the statutory scheme was to ensure that purchasers had all necessary information to make an informed decision, and that substantial compliance with the statutory requirements was necessary. The court further held that section 91G did not provide an exclusive remedy for defective vendor's statements, allowing purchasers the option to either cool-off or seek damages under section 91G or at common law. Finally, the court upheld the damages awarded to the vendor for legal costs incurred due to the agent's breach of duty, finding the assessment reasonable under the circumstances.