New legislation affects all QLD residential property contracts
On 1 October 2010, new legislation will come into effect which will affect the operation of all contracts for the sale and purchase of residential property in Queensland.
The risk for buyers
If you have entered into or intend entering into a contract for the purchase of residential property in Queensland prior to 30 September 2010 but which settles after 30 September 2010, you may lose an otherwise valid right to terminate the contract.
The risk for sellers
If you have entered into or intend entering into a contract for the sale of residential property in Queensland prior to 30 September 2010 but which settles after 30 September 2010, you will need to act quickly should you receive notice of a purported termination by the buyer.
Conclusion
Each matter needs to be considered on its merits. Please contact Certus Legal Group if you affected by the above or require further advice on your options.
In the near future, we will be writing further in relation to the operation of the new legislation and how it affects residential property contracts in Queensland from 1 October 2010 onwards.