A sunset date in a property contract is the latest date by which a party must fulfil a condition in the contract. Failure to do so will often lead to a right to terminate the contract.<\/p>\n
A seller and a buyer are free to negotiate sunset dates but there is legislation in place that governs sunset dates in property contracts.<\/p>\n
\u2022\tLand Sales Act 1984 requires a seller to settle the sale of an off the plan contract for flat land (non-strata title) within 18 months of the contract date. <\/p>\n
\u2022\tBody Corporate and Community Management Act 1997 requires a seller to settle the sale of an off the plan contract for strata title property no later than 5 \u00bd years from the contract date. <\/p>\n
From the seller\/developer\u2019s perspective, it will want a long sunset date to allow sufficient time to obtain development approvals, funding and to carry out the necessary construction works.<\/p>\n
Buyers need to be wary of entering into long term contracts as a buyer\u2019s circumstances will be very different and can change over time. Property values can go up and can come down over the course of a long term contract. If values come down then that will affect the buyer\u2019s ability to obtain a loan on the property. <\/p>\n
A buyer\u2019s personal circumstances may change. They may get married, divorced, move interstate or move overseas or become unemployed. Any of these situations may lead to a buyer wishing that he or she was not tied into a long term contract.<\/p>\n
So buyers need to think long and hard about the ramifications of entering into long term contracts and to seek legal advice about sunset dates and the contract terms generally before entering into the contract.<\/p>\n
Need advice on sunset dates or conveyancing matters? Call 1800 999 529<\/a>, email mail@rmold.newwebsite.live<\/a> or submit an enquiry below.<\/p>","protected":false},"excerpt":{"rendered":" Reverse mortgages are known to be a \u201clast resort\u201d for retirees and pensioners. The main reason for this low usage of reverse mortgages is due to the risk of will disputes between beneficiaries and reduced equity later in life.<\/p>","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":[259],"class_list":["post-26354","post","type-post","status-publish","format-standard","hentry","category-uncategorized","expertise-conveyancing-queensland"],"acf":[],"_links":{"self":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26354","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=26354"}],"version-history":[{"count":1,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26354\/revisions"}],"predecessor-version":[{"id":26770,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/posts\/26354\/revisions\/26770"}],"wp:attachment":[{"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/media?parent=26354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/categories?post=26354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/tags?post=26354"},{"taxonomy":"expertise","embeddable":true,"href":"https:\/\/rmolaw.com.au\/zh\/wp-json\/wp\/v2\/expertise?post=26354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}