Corrections made to REIQ contracts

Practitioners should note two corrections have been made to REIQ House and Land, and Commercial Land and Building contracts.

Queensland Law Society members are requested to download the updated Word versions of the following contracts from the QLS website:

• Contract for Houses and Residential Land (19th edition)
• Contract for Commercial Land and Buildings (10th edition)

Please ensure you have downloaded the word document with “Sept 2024” in the title. The edition numbers will not be changed due to the minor nature of the amendments.

The corrections are:

• Contract for Houses and Residential Land (19th edition) – Clause 1. 1(aa) now has a hard return before the definition of “GST” so that definition begins in its own clause (bb);
• Contract for Commercial Land and Buildings (10th edition) – Clause 1.1 – definition of (v) Essential Term in the case of breach by the seller is amended to correct cross reference to be 5.3(1)(a)-(g). The previous cross reference was to clauses 5.3(1)(a)-(f).

If your client has entered into a contract using the Contract for Commercial Land and Buildings (10^th edition) between 30 January 2023 and 29 September 2024, sourced from the QLS site, then consider advising your client about the effect of the definition of an Essential Term referencing 5.3(1)((a) to (f) and not (g).

This issue will not arise if your client has a contract obtained through the REIQ. If your client is entering into a new contract, ensure you update any previously downloaded versions with a current one from the QLS site dated September 2024.