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.
Why This Is the Correct Answer
The REIQ building and pest condition lets the buyer terminate by written notice to the seller, given by the inspection date, if the buyer is not satisfied with the inspector's report. It gives no automatic right to repairs or a price reduction, although the parties can negotiate one.
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