Buyers of certain water front properties on the Gold Coast no longer given termination power?
Recent changes approved by the Queensland government have resulted in removing a Buyer’s ability to terminate a purchase Contract for waterfront (other than ocean) property on the Gold Coast where a Seller has failed to comply with Local Law 17 requirements.
Under Local Law 17, a Seller of a property located on a waterway (this includes tidal rivers, non-tidal waterways, lakes and artificial waterways) is required to disclose to any prospective Buyer that the owner of the property is solely responsible for the ongoing maintenance of any revetment wall and marine structure that is located in the waterway area.
Prior to 5 June 2017, if a Seller of such property failed to adhere to the disclosure requirements, the Buyer possessed the right to terminate the Contract at any stage up to settlement.
By closing of this termination right, a Seller can only be subject to civil penalties rather than risk losing their Contract of Sale.
Prior to signing any purchase Contract for real estate located in the Gold Coast area, all Buyers should seek legal advice to ensure they are aware of potential ongoing costs that could arise well after the purchase Contract has settled so call us now on 1300 768 719.