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Business 2 Business: what contract changes mean to buyers and sellers

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Amendments to the conditions of standard residential contracts in Queensland mean that all sellers and buyers have the choice to extend the settlement date for up to five business days.

To trigger this right, the notice must be given in the approved form, in writing and issued within the required time frames.

This could mean that on the day of settlement, even up until 4pm, settlement is extended without recourse and reason.

It is important to consider how this clause may disrupt plans with removalists and even tradespeople booked after settlement. Even worse, the activation of this clause may mean that linked settlements are cancelled.

This may leave people without a home, without compensation and in possible breach of any linked contract.

As a result, it is vital for all parties to stay in touch with their solicitors on the day of settlement to ensure their interests under the contract are protected. On the other hand, staying in touch with your solicitor will ensure that the correct notice is given to activate the clause in any urgent need to extend settlement.

Trent Wakerley is a director at Kruger Law. He is an expert in will disputes and also a sessional lecturer at the University of Sunshine Coast in elder law and succession, and a member of the Queensland Law Society Elder Law Committee.

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