QLD AGENTS: Latest REIQ Contracts (Jan 23 update) EXPLAINED in 2 mins

The REIQ Contracts for House & Land (18^th edition) and CTS (14^th edition) were released on 30 January 2023, with a few critical updates...

Prefer to watch/listen? Click here to consume this content via YouTube!

The reason for the update is to prepare Queensland property for the e-conveyancing mandate, which is less than 3 weeks away – going live on 20 February 2023. If you haven’t seen the video I recorded last week on the e-conveyancing update, click here to check it out!

Key Updates:

1. The Seller will nominate the ELNO system used for settlement. At this stage, PEXA is the system that is being used in QLD for all e-conveyancing matters. No competitor has yet come to market.
   
   
2. If the ELNO system is unavailable -the settlement date will automatically be extended to the next business day.
   
   
3. ELNO Direct Messages (DM’s) are not acceptable for “giving notice” for contract conditions. This means that solicitors cannot DM the other solicitors on a conveyance to satisfy finance, building and pest, request extensions, etc – that process must still occur via email.

Whilst the mandate begins on 20 February 2023, keep in mind that there are still some exemptions that apply. For example, a self-acting Seller or Purchaser who does not have legal representation will trigger an exemption – meaning the matter will settle via paper.

Furthermore, if the subscriber (i.e the lawyer representing a party) does not have access to the internet for “the whole of the day” then that would also qualify as an exemption as defined by the Land Title Regulation 2022. Finally, an instrument (for example transfer of land document) executed in paper by at least one party prior to 20 February 2023 would also qualify for an exemption.

If you are interested, a full list of the exemptions can be found here under s5(2).

So make sure your Real Estate office has updated their admin process to ensure the latest REIQ contracts are in use by your team.

We look forward to continuing to help thousands of Queenslanders every year with their conveyancing!

Any questions? Want to know more? Get in contact with us via the below form or via info@empirelegal.com.au.