The Real Estate Institute Queensland (REIQ) and the Queensland Law Society have released new editions of sale contracts.
The new contract editions are:
- Sixteenth edition for the REIQ Contract of Houses & Residential Land;
- Twelfth edition for the REIQ Residential Lots in a Community Titles Scheme;
- Eighth edition for the REIQ Contract for Commercial Land and Buildings; and
- Seventh edition for the REIQ Contract for Commercial Lots in a Community Titles Scheme.
Each of the four standard form REIQ contracts have been amended to include the following changes:
- The definition of ‘Natural Disaster’ has been replaced with ‘Delay Event’ and expanded to include riot, civil commotion, war, invasion, a terrorist act or the imminent threat of such an event. Any compliance with lawful direction or order by a government agency also falls within this definition.
- Any reference to PEXA has been removed and replaced with ‘Electronic Lodgement Network Operators’ or ELNO system to allow for more electronic conveyancing services to enter the market.
- A blank page has been inserted at the end of each contract allowing for schedules or annexures to the document.
- E-conveyancing clauses have been added to the Commercial Land & Buildings contract and the Commercial Lots in a Community Titles Scheme contract to accommodate electronic settlements.
When entering into or preparing a new REIQ sale contract, you should ensure you are using the correct and current edition.
If you have any further questions or want to know how these changes may affect you, please feel free to telephone our office on (07) 3220 2929 or email us at email@example.com.