REIQ Contracts UPDATED

The updated REIQ contracts address the GST withholding changes, facilitate the electronic signing of contracts and update references to legislation and notice clauses.

What are the new versions?

The new versions will be:

• Contract for Residential House & Land Contract 15th edition
• Contract for Residential Lots in a Community Titles Scheme 11th edition
• Contract for Commercial Land and Buildings 7th edition
• Contract for Commercial Lots in a Community Titles Scheme 6th edition

Why the change?

The new contracts:

• reflect changes to the GST withholding at settlement measures to take effect from 1 July 2018 (click here for more about the GST withholding changes);
• facilitate the signing of contracts by electronic means; and
• update references to legislation and notice clauses.

​​What are the major changes?

There are quite a number of changes, although many of them are technical, such as updating references to legislation. The major changes are:

• inclusion of a GST Withholding section at the end of the Reference Schedule to be completed by the Buyer and Seller

• amendment to signature panel allowing for no witnesses if signed electronically and warranty the parties are authorised to sign
• footer updated to provide that initials are not required if signed electronically
• new clauses 2.5 and 2.6 added in relation to the GST Withholding amount processes
• amendments to clause 10.4 Notices to reflect differences in the approach of giving notices
• new clause 12 providing for the consent of the parties to execution of the contract in electronic form with an electronic signature to satisfy the consent requirements in the Electronic Transactions (Queensland) Act 2001

Wrapping up

As always, this is only a brief overview of quite a number of changes to the Standard Contracts. We love to help, so if you have any questions regarding any of these changes, get in contact with us.