REIQ Contract Update: Smoke Alarms

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.

We invite you to Sell it. Settle it. Spend it with Ownit!

Click on the ‘Apply Now’ button to unlock cash rewards!.

Own Conveyancing - Referral Program

Other Topics
Need Help?

Contact us today for all your conveyancing needs.

Andrew Francey

B.Bus, GCAF, GAICD

Chief Operating Officer

Andrew has over two decades experience in high growth fast moving consumer goods, agribusiness and professional services. Supporting the Ownit team to deliver on client expectations, and implementing processes to scale the organisation, is a key focus for Andrew.

Andrew is a C-Suite leader with Chairman and Board experience.  He has formal qualifications in Business, Applied Finance and AICD Company Directors Course.

How Can We Help?

Google Rating
4.6
Based on 1459 reviews
×