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Did you know Queensland Residential Contract changes are now in place?

If you have a settlement day setback you can ask for an extension

Queensland residential property contract changes are now in place.

Imagine forfeiting your dream home and losing your deposit. For some unlucky property purchasers, this has been their reality when their finance provider misses their settlement date AND the seller terminates their contract.

The Real Estate Institute of Queensland (REIQ) and the Queensland Law Society (QLS) have introduced changes to the residential property contract.

The most talked-about Queensland residential property contract change could be the introduction of a five-day extension to settlement day. The option to activate this extension is allowed when settlement day arrives and one or other of the parties have experienced an unexpected delay.

It’s just one of eight changes to contracts for houses, residential land and residential lots in a Community Title Scheme.  The changes, which came into effect on 20 January, are a result of consultation between the REIQ and QLS that are listed below:

7 changes to residential contracts of sale

  1. Fire alarm regulations for home and investment property owners
  2. Settlement day extension requests
  3. Time Allowances for deposits paid by Direct Debit
  4. Supply of Pool compliance certificates
  5. Seller’s warranties new protections
  6. New rights to terminate contracts
  7. Changes to the notices of responsibility to do work

Cam Schroder Lawyers’ Yeppoon partner Leonie Davey says it will be interesting to see how property purchasers and sellers react to the REIQ and QLS changes.

“Residential contract changes to areas like the settlement date can be beneficial but they can also create problems.

“Most buyers have booked their removalist, cancelled their previous accommodation and are ready to move in on settlement day.  If settlement day is extended at the last minute, it could leave some purchasers or sellers scrambling to find temporary accommodation and storage for their household contents,” Leonie Davey said.

For sellers, the smoke alarm changes being introduced into the residential contract have been in place for a while.  These changes came into effect on 1 January this year.  The change saw new home builders, renovators and property owners getting busy, installing the regulation fire alarms into their properties. Similarly, the supply of pool compliances certificates by sellers or lessors has been in place since 2015.

Leonie Davey says as a Yeppoon lawyer, she is always busy, keeping up with Queensland residential property contract changes and all other aspects of their business.

Yeppoon property market boom

“The property market in Yeppoon has been very active. We work through anywhere between 10 and 30 property contracts a week.  On top of that we’re working on estate plans, binding financial relationship agreements, as well as wills, power of attorney and drink driving representation.  There’s never a dull moment. We’re always busy and that’s just the way we like it.”

To organise your secure property settlement, including a free review of your purchase contract, call Leonie Davey at Cam Schroder Lawyers on 07 4925 0229 to book your appointment. We can also assist you with your other legal issues.  Talk to us about booking a $110 initial advice consultation.

 

 

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