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Q. Is a Seller obliged to notify a Buyer of Body Corporate Notices? A. Yes. The Seller must notify the Buyer of any notices of Body Corporate meetings and any resolutions passed at Body Corporate meetings after the Contract Date. Where a Buyer is materially prejudiced by any...
Q. What happens when the property is suspected of having combustible cladding? A. On 1 October, 2018, Part 4A of the Building Regulation 2006 (Qld) (Cladding Regulations) came into effect. When an owner of a private building is selling their property which has cladding, the property owner is required...
Q. How do I know whether the item is a fixture or chattel? A. The difference between a fixture and a chattel depends on whether the item is affixed to the land or property. If the item is affixed to the land or property then ordinarily the...
Q. Does a buyer have the right to terminate the Contract of Sale if there are easements on the property and the easements have not been disclosed in the contract. A. If an easement has not been disclosed in the Contract of Sale then the buyer may...
Q. Can a seller terminate a contract if the buyer does not pay the initial deposit or balance deposit by the due date? A.Yes. If the buyer does not pay the initial deposit or balance deposit to the Stakeholder by the due date then the seller...
Q. What is the difference between holding the property as Joint Tenants or as Tenants in Common? A. When two or more people are buying property together, they must decide whether to hold the property as joint tenants or tenants in common. Joint tenancy is a method...
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,...
Q. If there is a pool on the property and a valid pool safety certificate has been issued, does the Pool Inspector and Pool inspection date section of the contract need to be completed on the contract? A. No. The pool inspector and pool inspection date...
Q. I am preparing a REIQ contract with conditions that fall due on 28 December 2018. Is this going to be the date the condition is due? A. No. Current REIQ contracts have exclusion dates from 27 December 2018 to 31 December 2018. These dates are not...
Q. If a condition date falls on a non-business day (eg. Sunday) is the condition date due on the prior Friday or the coming Monday? A. When any condition of a contract falls due on a weekend or public holiday then the due date is automatically...