The REIQ has released new editions of the Contract for Houses and Residential Land (17th ed.) and Contract for Residential Lots in a Community Titles Scheme (13th ed.). The new contracts will be effective from 20 January 2022.
The REIQ has just released the new editions of their residential contracts, which come into effect on 20 January 2022. Make sure you’re using the latest versions to get the best protection for yourself and your clients! The changes are significant, so it’s well worth taking some time to read up on them. In the meantime, here are a few of the key changes you can expect:
Changes for smoke alarms
Smoke alarm installation and maintenance obligations under section 20 of the REIQ Contract for Houses (17th ed.) have been updated following amendments to the Residential Tenancies Act 2010 (Qld) in 2017. The new edition will reflect this change.
These changes are effective from 20 January 2022. You will be able to apply the new REIQ contracts with your next letting or sale of a house in Queensland on that date. For tenants, this means you can also negotiate these terms when renewing or extending your lease.
Pool Compliance Certificate obligations
The REIQ Contract for Houses (17th ed.) also includes updated provisions for swimming pools and spas, which will come into effect from 20 January 2022.
These changes are effective from 20 January 2022. You will be able to apply these terms with your next letting or sale of a house in Queensland.
At settlement, a seller must deliver to the buyer a copy of a current Pool Compliance Certificate for each regulated pool on the Land, unless the seller has already done this before settlement, or the Seller has given the Buyer a notice under section 28 of the Building Regulation 2006 (Notice of No Pool Safety Certificate) before entry into the contract.
The Pool Compliance Certificate is a legal requirement that ensures your pool complies with all relevant safety standards.
Right to extend settlement date – new clause 6.2
Under the REIQ Contract for Houses (17th ed.), both parties can obtain a short extension by giving notice under the new clause 6.2 at any time up to 4PM on the scheduled settlement date. A party must give a notice appointing a new settlement date that must be no more than 5 business days after the scheduled settlement date settlement. In other words, you can rest easy knowing that if there are any delays or issues with your financier, we will be able to extend settlement by an extra day, so you don’t miss out on your dream home.
Where to now?
Make sure you’re using the latest REIQ residential contracts – get your hands on the new editions from 20 January 2022.
If you’re looking for more information about the changes to the REIQ residential contracts, make sure to give us a call. We’d be happy to answer any questions you may have!
Victor Legal are experts in conveyancing, and can help with the sale of your property to ensure a smooth transition.
We can be reached at 07 3088 7973 or [email protected] Our team would be happy to help you work through the changes and determine how they might affect your properties’ letting, sale or management arrangements.