REIQ STANDARD HOUSE AND LAND CONTRACT
A standard contract for the conveyancing of residential property has been established by the Real Estate Institute of Queensland (REIQ) and the Queensland Law Society.
Once you express interest in purchasing a property, the real estate agent will prepare a standard contract for you to sign.
It’s important to seek advice before signing—send a draft of the contract and any disclosure documents to your solicitor to ensure they are accurate and tailored to your needs. A standard contract may not address the specific circumstances of every transaction.
CONVEYANCING CONTRACT REVIEW
Email your contract to Horrocks Solicitors email at reception@rivercityconveyancing.com for a free contract review today.
If necessary, your solicitor can include special clauses in the contract, such as:
The purchase may be contingent upon the sale of your current property.
Assurance that the property is not subject to flooding and that the sellers have obtained all required statutory approvals and complied with them.
Additionally, it’s advisable to get an independent valuation of the property before finalising the contract.
To download an updated version of the latest REIQ Contact click here: REIQ CONTRACT
CHANGES TO STANDARD REIQ CONTRACTS 2023
The Bill, which fully repeals the Property Law Act 1974, was introduced to the Queensland Parliament on 23 February 2023. This move followed extensive consultation with various stakeholders, including the Queensland Law Society, REIQ, the Property Council, UDIA, and community title groups.
The Bill implements most of the recommendations from the 2017 QUT Centre for Commercial and Property Law Report aimed at modernising property laws in Queensland. Key recommendations include eliminating outdated English rules, removing provisions relevant only to the old land system, facilitating electronic transactions, and updating practices in property law.
WHAT IS CONVEYANCING?
CONVEYANCERS
Who are Conveyancers?
Engaging in the purchase or sale of a residential property is likely to be one of your most significant financial decisions.
To make sure you’re making a well-informed choice and to avoid unnecessary costs or complications, we strongly advise you to consult a conveyancing solicitor before signing any contracts.
The Conveyancing Process
Conveyancing refers to the process of transferring property ownership from the seller to the buyer.
Both solicitors and real estate agents can help facilitate your conveyancing needs.
While you can choose to handle the conveyancing on your own, be aware that this comes with its own risks.