If you are buying or selling a home in Queensland you would be aware that ‘time is of the essence’ in your contract. This means that strict compliance with deadlines for the special conditions and settlement must be complied with or there could be dire consequences for you.
But what if the recent floods have affected your ability to communicate? Internet lines are down, phone lines are down and electricity is out in many areas. Queensland is in the midst of a natural disaster.
Fear not, Clause 6.2 of the standard REIQ contract, provides some relief in the event of a natural disaster. This clause applies if a party is unable to perform a settlement obligation solely as a consequence of a natural disaster. In certain circumstances time for the performance of the parties’ settlement obligations is suspended and ceases to be of the essence of the contract and the parties are deemed not to be in breach of its settlement obligations where the person is unable to complete their obligations due to the natural disaster.
For further information on whether you can rely on this clause in your contract, contact one of our lawyers on 07 5536 9777 or email firstname.lastname@example.org.