Queensland Law Society and the Real Estate Institute of Queensland are preparing updated REIQ sale of land contracts due to the e-conveyancing mandate commencing on 20 February 2023.
The updated contracts are expected to be released for use by QLS members in mid to late January 2023.
The changes are focused on the current electronic settlement clause in each of the contracts. The clause will be updated to apply if a transfer is a required instrument under the Land Title Regulation 2022 and a process for nominating an electronic lodgement network operator (ELNO) system will be added. The right to withdraw from an electronic settlement will also be omitted.
QLS will release further updates on QLS Proctor in January 2023.