Found 75 relevant pages. The strongest matches explain what “error and misdescription” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• No automatic termination: Under standard REIQ conditions, an Error and Misdescription does not give you the right to terminate the contract or delay settlement unless the mistake is so severe that you are fundamentally getting a different property (known as a "material" error under Queensland law).
• Strict timeframes for claims: You must formally notify the seller in writing of your claim for compensation prior to settlement. If you discover the error after the settlement date, you generally lose your right to claim any financial shortfall.
• Burden of proof: The buyer bears the burden of proving the financial impact of the misdescription. You may need to pay $500 to $1,500 for an independent valuation or registered surveyor to legally quantify the exact dollar value of the discrepancy.
• Minor boundary discrepancies: A common buyer's risk involves minor boundary encroachments or slight land area shortages (for example, a 400sqm block that is actually 385sqm). Under this clause, you must proceed with the purchase and negotiate a minor price adjustment rather than walking away.
• Exclusion of physical defects: This clause strictly covers errors in the contract's description of the property's title, boundaries, or legal particulars, not physical defects like termite damage or structural faults, which require separate building and pest conditions.
• Risk of default: If you wrongly assume a minor error allows you to refuse settlement, the seller can terminate the Queensland property contract, forfeit your deposit (often up to 10% of the purchase price), and sue you for additional financial damages.