Under the standard REIQ contract for residential property in Queensland, which of the following is a condition that typically must be satisfied before the contract becomes unconditional?
Correct Answer
C) The buyer obtaining finance approval by the date stated in the contract
The standard REIQ contract commonly includes a finance condition allowing the buyer a specified period to obtain formal loan approval. If finance is not approved by the due date and notice is properly given, the buyer may terminate.
Why This Is the Correct Answer
The standard REIQ residential contract provides for a finance condition: the buyer has until a stated finance date to obtain approval and must notify the seller by that date whether finance is approved or, if it is not, may terminate.
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