CONVEYANCING SPECIAL CONDITIONS

We hope you find these special conditions helpful for your Queensland Conveyancing REIQ Contract. Please remember that there is no substitute for legal advice tailored to your property transfer. These clauses should be used as a guide only. For free pre-contractual advice from our experienced lawyers contact Horrocks Solicitors via the form below or at 07 3013 2300.

1.Subject to the sale of another property where the buyer has already entered into a contract for the sale of their home.

This clause protects a buyer where they are selling an existing property and are relying on the funds from that sale to complete their purchase contract.

The clause -

1. This contract is subject to and conditional upon the successful settlement of the buyer's existing property situated at (insert property address) on or before (insert number of days) from the contract date.

1.1 Should settlement of the property at (insert property address) not be effected for any reason by the date specified above, then either party may terminate this contract and all deposit monies paid by the buyer will be refunded in full.

2. Subject to a prior contract terminating

This clause may be useful where a seller anticipates that an existing contract of sale they have over their property is likely to terminate. It enables the seller to enter into a second contract while their other contract is still enforceable.

The clause -

1. This contract is subject to and conditional upon the termination of the contract entered into between the seller and (insert other buyer's name) dated (insert date of other contract) "the prior contract" within (insert number of days) days from the date of this contract.

1.1 Should the prior contract not be terminated on or before (insert number of days) days from the date of this contract, this contract will be at an end and all deposit monies will be refunded to the buyer in full.

3. Subject to sale of another property (where no existing contract)

This clause is used where the buyer(s) do not yet have a contract for the sale of the property and need a reasonable period to obtain a contract.

The clause -

1. This contract is subject to and conditional upon the buyer(s) obtaining a valid and enforceable contract for the sale of the property listed below within the sale period listed below and such contract becoming unconditional within the unconditional period listed below and with a completion date no longer than the period listed below.

Property:

Sale Period:

Unconditional Period:

Completion Date:

2. The buyer(s) will immediately advise the seller(s) or seller(s) solicitors when a sale contract has been obtained and further advise the date thereof and date by which the contract will become unconditional with respect to finance and building and pest inspections and any other special conditions.

3.If the buyer(s) obtain a sale contract within the sale period then this contract will be conditional upon the successful settlement of that sale contract and the date of completion of this contract shall be contemporaneous with the completion date of that sale contract.

4. If the buyer(s) do not obtain a sale contract within the sale period or do not advise the seller(s) or seller(s) solicitors by 5pm on the final day of the sale period that a sale contract has been obtained then either the buyer(s) or seller(s) may terminate this contract by notice in writing to the other and all deposit monies shall be refunded in full to the buyer(s).

5.The buyer(s) shall use best endeavours to obtain a sale contract during the whole sale period.

4. Sunset Clause

This clause allows a seller to continue to market a property after entering into a contract with a buyer which is subject to the buyer(s) being able to obtain a sale contract of another property as provided in the clause above or other long term contract that is not unconditional with regard to special conditions.

The clause -

1. The seller(s) shall be entitled to continue to market this property whilst it is still conditional on finance, building and pest and any special condition and in the event that the seller(s) receive another contract of sale that in the seller(s) opinion is more favourable than this contract then the seller(s) shall be entitled to give notice in writing to the buyer(s) requesting that the buyer(s) make this contract unconditional with regard to finance, building and pest and any special conditions not yet satisfied. If the buyer(s) do not in writing make this contract unconditional with regard to finance, building and pest and any special conditions not yet satisfied within two (2) business days from the giving of the notice in writing then this contract shall be at an end and all deposit monies paid by the buyer(s) shall be refunded in full to the buyer(s).

5. Facsimile Clause

This clause is useful where a contract is intended to be entered into via facsimile or email. Please note that authorisation under the Electronic Transactions (Queensland) Act 2001 (Qld) is still required.

The clause -

1. This Contract may be entered into by and becomes binding on the parties named in the Contract upon one party signing the Contract that has been signed by the other (or a photocopy, facsimile copy, or a printed electronic copy of that Contract) and transmitting a facsimile copy, or electronic copy of it to the other party or to the other party's agent or solicitor.