An incorrect settlement statement may not undermine the validity of a notice to complete

In brief - Notice to complete still valid even though interest calculation wrong

In a NSW Court of Appeal decision handed down on 3 July 2012 in Carrapetta v Rado [2012] NSWCA 202, the court held that an erroneous settlement statement issued on behalf of the vendor did not undermine the validity of the notice to complete.

Although the settlement figures were calculated incorrectly due to an erroneous interpretation of the interest clause under the contract, the court held that this did not constitute a breach of any identifiable provision of the contract as it did no more than make an unenforceable demand.

Handwritten amendment to interest payable under special condition of contract