While signing a property purchase contract, you may have encountered the term vacant possession. Moreover, many wonder about its meaning and importance for buyers and sellers. Therefore, without further delay, let’s define what vacant possession is and what buyers should be aware of in Queensland.
The vacant possession clause ensures that a buyer gets the property free from tenants and personal belongings. In short, the property must be move-in ready without legal impediments. Anyone looking to start renovations must check this clause under the “possession” title in the contract, whether vacant or subject to an existing tenancy.
Key Things to Check:
Explicit Statement:
Make sure “vacant possession” is clearly stated in the contract of sale. This signals the seller’s legal obligation to hand over the property without tenants and belongings on the agreed settlement date.
Final Inspection:
As a Queenslander, an individual is entitled to conduct a property inspection before settlement. This is to confirm the property is indeed vacant and in good condition. Thus, this step allows you to address the issues in the property.
Timing:
If the property is occupied upon signing the contract, the terms of the tenants’ departure should be clearly stated. Furthermore, the tenants must be formally notified to vacate the property. Pay particular attention to the lease contract’s termination date.
Buying a home is the most significant decision ever, so making the right choices to secure your future enjoyment of the property is vital. To avoid delays and confusion, ensure both parties understand the clauses in a contract.
At Sapphire Estate, we’re here to help you navigate every real estate transaction!
