New REIQ contracts to be released this month

Queensland Law Society and the Real Estate Institute of Queensland (REIQ) have prepared 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 on 30 January 2023.  

As indicated on QLS Proctor in December 2022:

• the changes are focused on the current electronic settlement clause in each of the contracts 
• the clause will apply if a transfer is a required instrument under the Land Title Regulation 2022 
• the clause outlines a process for nominating an electronic lodgement network operator (ELNO) system by the seller
• the right to withdraw from an electronic settlement has been omitted.

Please see the QLS Property Central page for more information.