REIQ Contract Update: Right To Extend

The REIQ (Real Estate Institute of Queensland) has made many changes to the newest released contract versions (13^th and 17^th editions).

To combat the issues experienced with settlement delays and the severe consequences suffered by buyers as a result of issues outside of their control the REIQ has introduced Clause 6.2.

The addition of this Clause allows either party to give notice to the other party extending the settlement date up to five (5) business days from the scheduled settlement date. To use this extension right a party must: –

1. Give notice in writing prior to 4 PM on the scheduled settlement date (the notice should be given in accordance with clause 10.4);
2. Nominate a new settlement date in the notice;
3. The settlement date in the notice must be no more than 5 business days after the scheduled settlement date;
4. Time will be of the essence of the nominated settlement date.

The parties can mutually agree to a new settlement date of their choosing.

This addition to the contract will provide all parties with some peace of mind when it comes to settlement delays outside of their control.

Please feel free to contact us if you have any queries regarding the many new changes to the contract.

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