A new edition of the Contract of sale has been produced for sales of residential houses and land. It is the 11th edition of the contract which has been approved by the Queensland Law Society and the REIQ.

The differences to the prior edition include;
1. Changes to the deposit and the deposit holder to recognise electronic payments;
2. Changes to definitions of Outgoings excluding land tax and pest inspections by inserting the word termites;
3. Changes to the balance purchase price and GST provisions;
4. Changes by deleting the land tax subclause;
5. Changes to the time of settlement to before 4.00pm due to electronic settlements and inserting a clause as to electronic settlements.

Further a new version of the Contract for selling residential lots in a Community Title scheme version 7 has been released with the only significant change being to the term as to adjustments and special levies.

When entering into any contract make sure the contract is one approved by the QLS and the REIQ.

Take advantage of our fixed fee costs when buying or selling and our free contract appraisal service.

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