Reiq Contract of Sale 16Th Edition

REIQ Contract of Sale – 16th Edition: An Overview

The REIQ Contract of Sale, also known as the REIQ (Real Estate Institute of Queensland) Contract, is a widely used legal document in Queensland, Australia, that outlines an agreement between the seller and the buyer of a property. The 16th edition of this contract was released in 2019 and introduced several changes to the previous edition.

Let`s take a look at some of the key features of the REIQ Contract of Sale – 16th Edition:

1. Cooling-off Period

The contract introduces a new cooling-off period of 5 business days for residential properties valued under $750,000. During this period, the buyer can choose to terminate the contract without giving any reason and receive a refund of their deposit (less a termination penalty). This period can be extended by mutual agreement between the parties.

2. Sunset Date

The sunset date is a new feature in the 16th edition of the contract. It is a mutually agreed date by both the buyer and the seller by which the contract should be completed, failing which the contract will terminate. The sunset date can be extended by mutual agreement or by court order.

3. Additional Documents

The contract requires the seller to provide additional documents to the buyer before settlement, such as a title search, zoning certificate, and pool safety certificate (if applicable). This ensures that the buyer has all the necessary information to make an informed decision about the purchase.

4. Taxation Obligations

The contract now includes clauses that require the parties to disclose any taxation obligations related to the purchase or sale of the property. This ensures that both parties are aware of any potential tax liabilities and can plan accordingly.

5. Termination

The 16th edition of the contract includes additional reasons for termination, such as the discovery of defects in the property not disclosed by the seller or a breach of the contract by one of the parties. This provides additional protection for both parties in case of any unforeseen circumstances.

In conclusion, the REIQ Contract of Sale – 16th Edition is a comprehensive legal document that provides clarity on the terms and conditions of the sale of a property. It includes several new features that provide additional protection to both the buyer and the seller and ensure a smooth and transparent transaction. It is recommended that buyers and sellers seek legal advice before entering into any property transaction.