Updated REIQ contracts now available
26 June 2017
Queensland Law Society and the Real Estate Institute of Queensland have updated the standard joint contracts following amendments to the Federal Government’s foreign resident CGT withholding framework which will take effect on 1 July 2017.
The following updated contracts are now available to QLS members:
Contract for Houses and Residential Land (14th edition)
Contract for Residential Lots in a Community Titles Scheme (10th edition)
Contract for Commercial Land and Buildings (6th edition)
Contract for Commercial Lots in a Community Titles Scheme (5th edition)
The new editions of these contracts may be used for contracts entered into before and after 1 July 2017.
QLS has also prepared a comparison table showing the differences between the previous editions and the updated editions available here.
Lexon has released updated letters for use from 1 July. If you receive a House and Land Contract 14th Edition or Contract for Residential Lots 10th Edition, please adapt version reference numbers in the existing Lexon First Letters and Tools.
More information about the changes is available in QLS Update 7 June 2017, from Lexon (login required) and from the Australian Taxation Office.