NEW STANDARD REIQ CONTRACTS IN QUEENSLAND
The Property Law Bill 2023 transformed Queensland's property laws with the most significant changes in legislation in the last 50 years.
Since the Current Act took effect in December 1975, there have been significant advancements in technology and legal practice, including, most notably:
The introduction of e-conveyancing,
The transition to in-house stamping for most documents and transactions, and
The shift to electronic filing and records retention.
This Bill implemented broad changes to the property legal framework in the Queensland state to reflect the evolving needs and complexities of property transactions and conveyances. The Bill was introduced to the Queensland Parliament on February 23, 2023, with the intention of fully repealing the Property Law Act 1974.
The changes were drafted by incorporating extensive review and analysis via consultation with the Queensland Law Society, the Real Estate Institute of Queensland (REIQ), the Property Council of Australia, the Urban Development Institute of Australia (UDIA) and a selection of various community tite groups.
The Property Law Bill aims to create a more modern, equitable, and effective legal structure for property transactions and home ownership in Queensland.
WHAT ARE THE CHANGES TO REIQ CONTRACTS IN QUEENSLAND?
A brief but not comprehensive list of some of the areas of conveyancing law that were affected include:
Payment of Deposit Grace Period
Extension of Settlement Date
Smoke Alarm requirements
Pool Compliance Certificates
Termination by the Buyer due Seller Warranties
Easements and Services Infrastructure
Signing of Deeds
Seller Disclosure Statement
WHAT IS THE DIFFERENCE BETWEEN A CONVEYANCER AND A SOLICITOR IN QLD?
The main difference between conveyancers and solicitors is that conveyancers are specifically licensed to handle conveyancing law, while solicitors have a broader understanding of property law and can offer a wider range of legal services, including conveyancing. Both conveyancers and solicitors are required to have professional indemnity insurance (PII).
WHEN TO FIND A CONVEYANCER?
Most people typically reach out to a conveyancing solicitor after they have either made an offer on a property they wish to purchase, following a viewing with an estate agent, or when they have accepted an offer from a prospective buyer on a property they are looking to sell.
DO I NEED A CONVEYANCER TO BUY OR SELL A HOUSE IN QLD?
Legally, you are not required to hire a conveyancer or solicitor in Queensland to sell your property. However, the complexities of real estate and property law can be overwhelming, so obtaining reliable, independent legal advice when selling or buying house and land is strongly advised.
River City Conveyancing are your trusted team of conveyancing solicitors with a tailored approach to each conveyance built on years of trusted property law expertise. We take the time to speak directly with you on your conveyance and ensure that you understand the conveyancing process each step of the way.