A Queensland residential property contract contains a building and pest inspection condition. The inspection report reveals significant termite damage. Under the standard REIQ contract, the buyer may:
Correct Answer
A) End the contract by written notice by the inspection date if unsatisfied with the report
Under the standard REIQ building and pest condition, the buyer can terminate the contract by written notice within the condition period if the report reveals matters that are not reasonably acceptable. The buyer does not automatically receive a price reduction.
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A property in Victoria is sold at public auction. Which of the following statements about the cooling-off period is correct?
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