We occasionally see situations where a seller has a change of mind either because the seller has received a better offer or the seller has decided that he\/she did not want to sell the property after all.<\/p>\n
The seller then poses the question \u201ccan I get out of the contract?<\/em>\u201d<\/p>\n Once the contract has been validly signed by both parties, then the seller (and the buyer) are committed to the contract.<\/p>\n If the seller has a change of mind then, generally speaking, the seller is reliant upon the actions of the buyer in having an avenue out of the contract.<\/p>\n Many contracts are subject to conditions that the buyer must fulfil in order for the contract to become unconditional.<\/p>\n The most common conditions will be the building and pest condition and the finance condition.<\/p>\n Queensland contracts contain (or should contain) a provision that time is of the essence.<\/p>\n This means that the contractual conditions must be fulfilled strictly in accordance with the time limits provided in the contract.<\/p>\n If a buyer fails to adhere to these conditions within the prescribed time limits then the buyer may be handing the seller the opportunity to get out of the contract.<\/p>\n Another condition that must be strictly adhered to is the payment of the deposit.<\/p>\n Once again, this condition must be strictly adhered to otherwise the buyer may be giving the seller grounds to terminate the contract.<\/p>\n This analysis is general only and does not govern all contracts as each contract will need to be assessed on its own terms.<\/p>\n However, this analysis shows that buyers need to be conscious of the strict time limits in Queensland contracts and sellers need to be aware of their rights should a buyer not abide by his\/her obligations.<\/p>\n \u8054\u7cfb\u6211\u4eec<\/p>\n Purchasing, selling or transferring property? Get the best representation. Contact our expert property lawyers on\u00a01800 999 529<\/a>, email\u00a0mail@rmold.newwebsite.live<\/a>\u00a0or submit an enquiry below.<\/p>\n