New REIQ residential contracts released

New editions of the Contract for Houses and Residential Land (17th ed.) and Contract for Residential Lots in a Community Title Scheme (13th ed.) are to be released on 20 January 2022 by Queensland Law Society and the Real Estate Institute of Queensland.  Significant changes include 

  • The ability of either party to obtain a short extension to settlement if the party is unable to settle due to the inaction or delay of a financier or for any other reason 
  • New smoke alarm clause 7.8 responds to changes to smoke alarm regulations on 1 January 2022. The current editions can continue to be used up to 20 January 2022, but the new clause will impose a contractual obligation on the seller to install smoke alarms in compliance with the new requirements
  • Amendments to the Pool Compliance Certificate obligations. A seller is required to hand over a Pool Compliance Certificate for a non-shared pool on the land at settlement. The only exception to this obligation is if a Notice of No Pool Safety Certificate is given to the buyer prior to contract

Details of the changes are in the Proctor article New REIQ residential contracts due 20 January.