Top 3 ways Buyers can get away and steps to prevent them

What are the top three ways in which a buyer can get out of your contract once it's signed? First of all, there are standard conditions in the contract, which will give the buyer the right to terminate the contract. For example, if your contract is subject to building and pest or finance inspections, both of those will give the buyer a right to terminate the contract. Not having them in the contract will mean that the buyer does not have those rights and that they will be locked in for those matters in relation to the contract.

The next one you need to be aware of, is your special conditions. There can be a number of special conditions worded in the buyer's favor that you should look out for and if they are, they may also give the buyer rights to terminate that contract. If you don't want them to have the right to terminate the contract, then consider removing those special conditions or renegotiating those clauses to have different rights under the contract.

Lastly, there are certain things that you do need to disclose to a buyer before they sign the contract in Queensland, failing to disclose those matters can give the buyer a right to terminate the contract any time up until settlement.

If you want to find out how to truly lock your buyer into the contract and what matters you do need to disclose to make sure you have a fully watertight contract, please reach out to our friendly team.