IN BRIEF - BUYER SUCCESSFULLY APPEALS DECISION ON VALIDITY OF
SELLER'S EXERCISE OF PUT OPTION
The Queensland Court of Appeal has overturned the decision of
the Supreme Court and has held that a seller of property invalidly
exercised the put option by delivering copies of the tenth edition
of the REIQ/Queensland Law Society Houses and Residential Land
contract instead of the eighth edition as specified in the terms of
the agreement. This case is a reminder for buyers and sellers to
strictly observe the terms of the agreement.
HOUSES AND RESIDENTIAL LAND CONTRACT EDITION CHANGES FROM WHEN
BUYER ENTERS PUT OPTION AGREEMENT AND SELLER EXERCISES OPTION
The buyer entered into a put option agreement to purchase
property in Goodna from the seller in February 2012 (the
agreement). The agreement provided that upon the seller validly
exercising the put option, a binding contract would come into
existence between the parties, and that the buyer would be
compelled to purchase
