Incoming Changes to QLD Residential Contracts
Incoming Changes to Queensland Residential Contracts
A new residential contract will be issued for use from 20th January 2022. We summarise these changes relating to the extension of Settlement Dates, Smoke Alarms, Grace Period for Deposit by Direct Debits, Seller Warranties, Services, Notices to do Work and Contract Dates.
Settlement Timing Changes
Under current REIQ contracts, if a buyer is unable to settle by 4pm on the settlement date a seller is entitled to terminate the contract, take the buyer’s deposit and sue for damages. From 20 January 2022 these entitlements will be adjusted. Buyers will also be entitled to terminate a contract and sue for damages if a seller is unable to settle on time.
New Smoke Alarm Legislation Queensland
Times are a-changing! Phase 2 of the Queensland Smoke Alarm Legislation will commence on 1 January 2022. We outline what Landlords and Sellers need to know and what the risk is if you are not compliant. Residential property owners entering into an agreement to sell or lease their property should check to see whether the smoke alarm in the property is compliant.
How to protect your family home against creditors
The presumption of advancement is a principle that plays a role when a property is jointly owned, or the other party accrues some right on the property. This principle mainly applies in the case of married couples
What to consider when choosing a lawyer
Obtaining legal advice sooner than later will save time & anxiety by identifying clear options to guide making good decisions. We outline what you need to consider before signing a cost agreement or retainer.
New Stimulus Measures to Assist Small Business Owners
The global COVID-19 pandemic has affected the operations and financial stability of small and large-scale businesses in Australia. As a result, Australia’s labor force took a significant hit, with unemployment rates currently at 6.9%, based on reports from the Australian Bureau of Statistics.
