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Are you up to date on the changes to the REIQ contracts?

Man examining contract under magnifying glass

As a property owner or investor, you’re likely familiar with the REIQ Contract, which is used for the sale and purchase of properties in Queensland. Recently, the REIQ (Real Estate Institute of Queensland) has made some important changes to the contract, which you should be aware of if you’re buying or selling property.

The REIQ has made several changes to the Contract, including:

  • the changes are focused on the current electronic settlement clause in each of the contracts 
  • the clause will apply if a transfer is a required instrument under the Land Title Regulation 2022 
  • the clause outlines a process for nominating an electronic lodgement network operator (ELNO) system by the seller
  • the right to withdraw from an electronic settlement has been omitted.

From 20 February 2023, a required instrument must be lodged using eConveyancing unless an exemption applies.  The required instruments mandated under the Land Title Regulation 2002 include transfers, mortgages, caveats, priority notices and an application to be registered as a personal representative for a registered owner of a lot who has died.

If you’re buying or selling property in Queensland, it’s important to be aware of these changes to the REIQ Contract. Our legal team can help you navigate the legal process and ensure that you’re up to date with the latest changes to the REIQ Contract. Please don’t hesitate to contact our office. 

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