Contract Special Conditions

Overview of Contract Special Conditions in Queensland

When putting together a contract for a property sale in Queensland, special conditions may be requested by the buyer or seller. Here are a list of contract special conditions. Please note that all contract special condition information was accurate at the time originally published. This content general in nature and is not a substitute for legal advice specific to your situation.

List of Queensland Contract Special Conditions for Property Sales & Purchases

INSUFFICIENT DEPOSIT HELD

1. In the event that the deposit held by the Deposit Holder is not sufficient to pay the agent its commission, marketing and GST, then the buyer and seller agree that the buyer is hereby irrevocably authorised and directed to pay the balance commission, marketing costs and GST on behalf of the seller to the agent from the balance purchase monies on the Settlement Date. This special condition is expressed to be for the benefit of the agent in accordance with section 55 of the Property Law Act 1974 as amended. The seller by executing this contract (as the agents duly authorised attorney) accepts the benefit of this special condition on behalf of the agent.

BODY CORPORATE APPROVAL TO HOUSE A PET

1. This contract is subject to and conditional upon the Body Corporate providing written approval within (insert no of days) from the contract date that the buyer may keep a (insert nature of pet at the property. Should approval not be obtained by (insert no of days) from the contract date the buyer may elect to waive the benefit of this clause or terminate the contract and all deposit monies will be refunded in full. If the buyer has not elected to waive the benefit of this clause or terminate the contract by (insert no of days) from the contract date then the seller may elect to terminate this contract and all deposit monies will be refunded to the buyer in full.

SUNSET CLAUSE

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).

DUE DILIGENCE CLAUSE

1. This contract is subject to and conditional upon the buyer(s) carrying out such due diligence inquiries with respect to this property as the buyer(s) shall require within twenty-one (21) days (“the period”) from the date hereof. If the buyer(s) are not satisified with the results of those inquiries then the buyer(s) may terminate this contract by notice in writing to the seller(s) or seller(s) solicitors and in that event all deposit monies shall be refunded in full to the buyer(s). If the buyer(s) do not give notice by 5pm on the last day of the period then the seller(s) may terminate this contract by notice in writing to the the buyer(s) or buyer(s) solicitors and in that event all deposit monies shall be refunded in full to the buyer(s).

TRANSMISSION OF DEATH REGISTRATION

1. This contract is subject to and conditional on the registration of the Request to Record Death of [insert name of deceased registered owner] in the Department of Natural Resources, Mines and Energy prior to [insert date], failing which the Buyer(s) or Seller(s) may terminate this contract and all money paid by the Buyer(s) as deposit or otherwise, will be immediately refunded to the Buyer(s) in full and without any deduction at all.

EXECUTOR SELLING NOT YET REGISTERED OWNER

1. The Seller(s) [choose – is/are] the executor of the estate of the late registered owner of the property. Completion of this Contract shall occur on the later of forty-five (45) days from the Contract date or fourteen (14) days after written notice to the Buyer(s) that the Seller(s) [choose – is/are] registered as owner of the property. If the Seller(s) [choose – have/has] not become the registered owner of the property within four (4) months of the contract date then either party may terminate this contract and all money paid by the Buyer(s) as deposit or otherwise, will be immediately refunded to the Buyer(s) in full and without any deduction at all.

SOIL TEST

1. This Contract is subject to and conditional on the Buyer(s) being satisfied in their absolute discretion with the results of a soil test on the property being conducted by the Buyer(s), within fourteen (14) days from the contract date. If the Buyer(s) [choose – are/is] not satisfied, they may terminate this contract and all monies paid by way of deposit by the Buyer(s) shall be refunded in full and without any deduction at all.

2. The Seller(s) authorise(s) the Buyer(s) and their consultants to access the property for the purpose of conducting the soil test.

3. The Seller(s) acknowledge(s) that this special condition is for the benefit of the Buyer(s) and may only be waived or exercised by the Buyer(s).

Vacant Possession

The Contract is not subject to any tenancies, and accordingly the Seller will provide the Buyer with vacant possession upon settlement. If the Seller cannot provide the buyer with vacant possession upon settlement then the Buyer may:

1. Terminate this Contract by giving the Seller notice in accordance with the terms of the contract. This is the Buyer’s only remedy when terminating due to the Seller’s failure to provide vacant possession.

2. Elect to proceed with this Contract and claim compensation from the Seller for loss or damage they suffer as a result of not being provided with vacant possession. The right to claim compensation is preserved despite settlement of this contract.

POOL SAFETY CERTIFICATE

The Buyer requires that the Seller obtains, pays for and provides to the Buyer a current Pool Safety Certificate prior to Settlement. In the event that the Seller is unable to provide a current Pool Safety Certificate prior to Settlement, the Buyer may terminate this Contract by Notice given in accordance with the Terms of Contract to the Seller and this Contract shall be at an end and the Deposit must be promptly refunded to the Buyer without deduction. The Seller acknowledges that this special condition is for the benefit of the Buyer only and may only be waived or exercised by the Buyer.

Satisfactory Searches

This contract is subject to and conditional upon the Buyer being satisfied in the Buyer’s absolute discretion with the results of searches to be conducted by the Buyer on the Property prior to (however many days ). In the event that the Buyer is not satisfied with the results of the searches, the Buyer may terminate this contract by notice, given in accordance with the Terms of Contract, to the Seller and this contract shall be at an end and the Deposit must be promptly refunded to the Buyer without deduction.

The Seller acknowledges that this special condition is for the benefit of the Buyer and may only be waived or exercised by the Buyer.

Carpet Clean

1. The Seller agrees at his/her expense to arrange for the carpets in the unit/house to be cleaned before settlement by a professional carpet cleaner.

POSSESSION BEFORE SETTLEMENT

The Buyer has requested and the Seller has agreed to allow the Buyer to enter into possession of the property from the date the contract becomes unconditional or upon clearance of the deposit monies (whichever is the latter) (the date of possession) in accordance with Clause 8.5 of this REIQ Contract with the following additions and modifications:

(a) the Buyer will provide a copy of the relevant Certificate of Currency for the insurance to the Seller prior to possession being permitted;

(b) the Buyer indemnifies the Seller against any and all loss, damage, action, claims, suits or demands arising from or through or in connection with the possession of the property and in particular that which might arise as a result of the injury or death to any person occurring from the time of possession;

(c) by taking possession, the Buyer accepts the property “as is” and:

a. will not be entitled to raise any further objections in relation to the condition of the property or in relation to any approvals, certifications, or other requirements of authorities which may or may not exist;

b.  waives any rights they may have:

i. in relation to any undisclosed encumbrance; and

ii. under Clause 7.7 of this REIQ contract; and

iii. in relation to any other breach bythe Seller prior to the date of possession;

(d)  if settlement does not occur the Seller will allow the Buyer 7 days from the termination of the contract in which remove their possessions from the property and will provide the Buyer and their reasonably necessary invitees further access to the property upon reasonable notice for the purpose of removing these items from the property.

PRIOR SALE

1.1 This contract is subject to and conditional upon the Buyer entering into a contract, on terms satisfactory to the Buyer, for the sale of the Buyer’s property at (property address) on or before (date due) (hereinafter referred to as “the prior sale”). In the event that the Buyer does not enter into a prior sale, the Buyer may terminate this Contract by notice to the Seller given in accordance with the Terms of Contract, and this Contract shall be at an end and the Deposit must be promptly refunded without deduction.

1.2 In the event that special condition 1.1 is satisfied, then this contract is also subject to and conditional upon the prior sale becoming unconditional within 21 days from the date of the Buyer’s prior sale contract. In the event that the prior sale does not become unconditional for any reason, the Buyer may terminate by notice to the Seller given in accordance with the Terms of Contract, and this contract shall be at an end and the Deposit must be promptly refunded without deduction.

1.3 In the further event that both special condition 1.1 and 1.2 are satisfied, then this contract is also subject to and conditional upon the prior sale being successfully completed within 35 days from the date the Buyer gives written notice that special condition 1.2 has been satisfied. In the event that the prior sale does not settle for any reason, the Buyer may terminate by notice to the Seller given in accordance with the Terms of Contract, and this contract shall be at an end and the Deposit must be promptly refunded without deduction.

1.4 The Seller hereby acknowledges that this special condition is for the benefit of the Buyer only and can only be waived or exercised by the Buyer.

VISUAL INSPECTION

This Contract is subject to and conditional upon the Purchaser on or before 20 January 2013 being satisfied with a visual inspection of the property. If the Purchaser is not satisfied, then the Contract will be at an end and the full deposit will be released to the Purchaser.

The parties agree that this clause is inserted for the benefit of the Buyer and Buyer may waive the benefit of the provision at any time on or before the date stipulated by giving to the Seller notice in writing.

ACCESS PRIOR TO SETTLEMENT

The Seller hereby agrees to allow the Buyer to have access to the property from the date the Contract becomes unconditional.

In the event that settlement does not occur or the Buyer defaults in anyway under the terms of Contract, through no fault of the Seller, the Buyer agrees to immediately vacate the premises.

The Buyer hereby agrees that they must take out ‘appropriate’ insurance to the Seller’s satisfaction.

Valuation

(a) This Contract is subject to and conditional upon the Buyers obtaining a satisfactory independent valuation of the property with 14 days from the date hereof.

(b) In the event that the valuation is not satisfactory to the Buyer in the Buyer’s absolute discretion, the Buyer may terminate this contract by notice, given in accordance with the terms of Contract, to the Seller and this contract shall be at an end and the Deposit must be promptly refunded to the Buyer.

STATE OF PROPERTY

  1. The Seller agrees to leave the property in a standard that would be considered professionally cleaned on settlement.

If the Buyer, acting reasonably in the Buyer’s absolute discretion, does not deem the property to be in a standard considered professionally clean, then the Buyer may deduct the sum of $400.00 from the Seller at settlement to cover the expenses to have the property cleaned.

SELLER TO RENT BACK

(a) The Buyer agrees to allow the Seller to stay in possession of the Property at a rental of xxxx ($xxxx) per week payable weekly in advance commencing on the Date for Completion and continuing until the xxxx.
(b) The Parties agree that the terms of the tenancy shall be those as contained in the standard R.E.I.Q Agreement for Tenancy, a copy of which is annexed hereto and Parties agree to execute the said tenancy agreement prior to completion.

Contract Special Conditions for Conveyancing in Queensland