Given the recent bush fire emergency just north of us at Peregian, and with fire threats still remaining strong in these dry, dusty hot conditions; it is worth as purchaser, and an owner, knowing what would happen in the event of a natural disaster, such as fire or flood when there is a contract of sale over a property.
Information below, sourced from the Real Estate Institute of Queensland (REIQ) reports:
A buyer can rescind a contract of sale (in most cases), if the subject property is destroyed or damaged as to be unfit for occupation as a dwelling. To rescind the contract of sale, the buyer is required to provide the seller with a notice of rescission no later than the date of completion or possession, whichever occurs first, and any money paid by the buyer must be refunded. Please note, this applies to residential property only.
Aside from the entitlement to terminate during the cooling off period, or rescind under the Property Law Act 1974 (Qld), the REIQ Contract for Houses and Residential Land contains a clause that permits a buyer or seller to suspend the time for settlement in the event that they are unable to settle as a result of a natural disaster.
Each Disaster Event affected property should be assessed on its own merits based on advice from an appropriately qualified building and legal professional.
The above is just an excerpt of some useful information provided by the REIQ, via their Disaster Toolkit, which covers information relating to buyers, sellers, tenants, and landlords. If interested, email us at Wright Place and we will send you link to download the complete kit.
Click here to request your kit.