In Queensland Conveyancing, the golden rule is “Time of the Essence”. The various due dates set out in the contract must be strictly adhered to. However, what is your rights and responsibility when you cannot settle due to the effect of coronavirus?
The REIQ contract provides for a “Delay Event”, in the event of certain circumstances, however, unfortunately, there is no certainty at the moment that this COVID-19 outbreak could constitute a “Delay Event”.
If the parties are not able to fulfil their contractual obligations to settle due to the Delay Event, then the settlement date may be suspended.
What is a Delay Event?
- Tsunami, flood, cyclone, earthquake, bushfire or other act of nature;
- Riot, civil commotion, war, invasion or a terrorist act;
- An imminent threat of an event in paragraphs (i) or (ii); or
- Compliance with any lawful direction or order by a Government Agency.
If the government orders to close all of our business operations, it would be certainly possible to argue that it is Delay Event under (iv).
Until then we must carry on our lives ”as business as usual” and you still must do everything possible to meet the contractual obligations.
We invite you to call us anytime for any legal advice. Your PHONE CONSULTATION IS FREE. The CONVEYANCING HOME team is still hard at work, and doing our best to be completely prepared for closures and altered timelines.
We have you covered with PEXA E-CONVEYANCING – to maximise your safety and convenience. With COVID-19 measures, we cannot meet in person but would love to help you BY PHONE, EMAIL, or VIDEO LINKUP. PEXA e-CONVEYANCING minimises manual processes Conveyancing Home and the financial institutions to transact together online.
It enables you to lodge documents and complete financial settlements electronically. CONVEYANCING HOME for greater certainty of successful, ON-TIME SETTLEMENT |
WE’RE ALL IN THIS TOGETHER |Call +61 (07) 3180 0908 |
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