The New REIQ Contract


As of 20 January 2022, the REIQ released new versions of contracts for purchases and sales of the property in Queensland. A new clause was introduced, under clause 6.2, which gives either a buyer or seller the option to extend the Settlement Date for up to five (5) business days from the original settlement date.

There are a few conditions to this new clause that is important to note:

New REIQ contract
  1. If either party’s bank is not ready to complete Settlement on the due date, the buyer or seller can request a five (5) day settlement date extension.
  2. Written notice must be given when requesting a five (5) day extension and must be given before 4pm on the original settlement date. The settlement date extension cannot be exercised after the Settlement Date.
  3. Under Clause 6.2, the Settlement Date can only be extended for a maximum of five (5) business days and if a party requires a longer extension, this must be agreed by both the buyer and the seller.
  4. Under Clause 6.2, only the Settlement Date can be extended for five (5) business days, and it does not include an extension of time for other conditions such as finance, building and pest and due diligence.

It is important for those who are looking to buy or sell properties to ensure their real estate agent has provided an updated copy of the REIQ Contract to ensure the latest version is being used and consequently includes the new clause.  This will ensure both parties can benefit from the settlement date extension condition.

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