Duncan Murdoch, one of our Directors here at Ryan Murdoch O’Regan, and a Property & Business Expert, was recently approached in regards to contractual obligations for sellers and purchasers who are currently under contract to sell or purchase real estate where the property being sold \/ purchased has been affected by the current floods.<\/p>\n
Darren Cartwright of News Corp Australia Network writes…<\/p>\n
“A little known property law may allow owners-in-waiting to terminate a contract for a flooded property, although some most likely will have to go through with their purchase, experts warn.<\/p>\n
Under a standard Queensland contract of sale, the \u2018risk\u2019 of the property passes to the buyer on the first business day after it is signed, said veteran property law specialist Duncan Murdoch.<\/p>\n
Conditions, such as pest and building inspections and subject to finance, may provide enough wriggle room for the buyer to pull out of a contract, the director of Ryan Murdoch O\u2018Regan Lawyers said.<\/p>\n
\u201cUnder standard contract terms, the risk passes to the buyer on the first business day after the contract is signed,\u201d the 30-year property law specialist said.<\/p>\n
\u201cIf you\u2019ve bought a house and it\u2019s flooded, effectively the buyer is left holding the baby unless it is uninhabitable but that definition is different for each property.\u201d<\/p>\n
If a house is deemed to be damaged or destroyed to the point it is \u201cunfit for human habitation\u201d, then buyers could terminate a contract and recover their deposit, according to Queensland Legal Assistance Forum (QLAF) guide to practitioners.<\/p>\n
However, whether a dwelling is fit for human habitation is a \u201cquestion of fact and degree in each case\u201d, the guide states.<\/p>\n
\u201cMere water inundation would not be enough to rely on this section; there must be some physical damage to the property that requires repair.\u201d<\/p>\n
Click HERE<\/a> to read the full article:<\/p>\n If you have any legal questions in regards to contractual obligations CALL DUNCAN now on 1800 999 529<\/a>, email\u00a0mail@rmold.newwebsite.live<\/a>\u00a0or submit an enquiry below.<\/p>","protected":false},"excerpt":{"rendered":" Duncan Murdoch, one of our Directors here at Ryan Murdoch O’Regan, and a Property & Business Expert, was recently approached in regards to contractual obligations for sellers and purchasers who are currently under contract to sell or purchase real estate where the property being sold \/ purchased has been affected by the current floods. Darren […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"expertise":[257],"class_list":["post-26334","post","type-post","status-publish","format-standard","hentry","category-uncategorized","expertise-conveyancing-queenslandconveyancing-nsw"],"acf":[],"_links":{"self":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/comments?post=26334"}],"version-history":[{"count":1,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26334\/revisions"}],"predecessor-version":[{"id":26791,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26334\/revisions\/26791"}],"wp:attachment":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/media?parent=26334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/categories?post=26334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/tags?post=26334"},{"taxonomy":"expertise","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/expertise?post=26334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}