New editions of the Contract for Houses and Residential Land (17th ed) & Contract for Residential Lots in a Community Title Scheme (13th ed) are now in effect. There are some changes that have been made to REIQ contracts which will impact buyers & sellers. Some changes include:- Clause 6.2 to permit either party to acquire a short extension to the settlement date if the party is unable to complete settlement due to inaction or delay of their financier or any other reason; There is the inclusion of a new smoke alarm Clause 7.8 in response to legislation which came into effect 1 January 2022. This new clause will enforce a contractual obligation on the seller to install smoke alarms that comply with the new requirements. Amendments have been made regarding obligations for Pool Compliance Certificates. Namely, all sellers must hand over a Compliance Certificate at settlement for any non-shared pool located on the property. The only exclusion to this contractual obligation is if the seller has provided a Notice of No Pool Safety Certificate to the buyer prior to contract. There is now also an express provision for a “grace period” when a buyer pays a deposit by direct debit. This addresses the effect of delays in the deposit by direct debit. Our TWC lawyers are dedicated to keeping you up to date with changes to standard contract conditions. It is important that you obtain legal advice before you sign off on a contract. Contact us now.
