One of a number of very significant differences about buying and selling real estate in Queensland is that “time is of the essence” of land contracts.
This means that time limits must be strictly complied with.
If the Settlement Date is 5 February 2010 and one of the parties is not ready willing and able to settle, that party is in default of contract and the other party who is not in default may terminate the contract without any other reason or being completed to provide notice to settle within a reasonable time.
So if you are buying and your funds are not ready on the settlement date the seller can terminate, take your deposit and reserve their rights to other damages against you including for example a loss of a resale of the property.
Good reasons, if you’re are buying or selling real estate in Queensland, to have our expert Property and Conveyancing Solicitors look over a contract before you sign it so that they can bring their experience to bear on whether in the usual course the time limits will be achievable.