The Real Estate Institute of Queensland (REIQ) issued an update in the requirements for smoke alarms for Queensland residential properties sold. Sellers must comply with the new version of the contract (17th edition Residential and 13th edition CTS) and failure to comply may put the property sale in jeopardy.
The new legislation adds several new complex requirements to current smoke alarm legislation. Some of the key new additions include:
- The seller must install smoke alarms in any domestic dwelling in accordance with smoke alarm requirements prior to settlement.
- The seller should check with a registered smoke alarm technician to ensure compliance prior to settlement.
- If complaint smoke alarms are not installed by the settlement date then the Buyer is entitled to an adjustment at settlement equal to 0.15% of the purchase price.
Please feel free to contact us if you have any queries regarding the many new changes to the contract.
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