Au Queensland real estate agent yes so my name is Josh I have a law practice in Rockhampton fox law and I thought today I'd talk a little about just some considerations regarding covert 19 and sales contracts in Queensland. I'm going to run through some frequently asked questions but just by way of general comment initially what we're seeing is that banks and others are experiencing some delays at the moment, whether that's just difficulty with social distancing or issues with building and pest and being able to get into the property. I tend to think pushing out the timeframes of the contracts at this point in time is a good idea, often we see the 14 days for finance and building and pests and 28 days for settlement. But at the moment with banks under pressure and our building and pest inspectors under pressure, they're not really sure if they're going to end up being further restricted. I tend to think if you can allow some breathing room by extending those dates, but you can push that 14 days to 21, 28, or 35. And push the settlement period to 35 or 42 or 49. I tend to think that would be a sensible idea, but we'll talk about a few other ways of dealing with timing issues shortly. Question 1. What if there's a delay in receiving a search result or information to satisfy finance or building and pest? If there's a delay that makes it difficult to meet some of these deadlines, there's no unilateral one-sided right for a party to extend these dates. It's going to have to be done by way of mutual agreement, because unfortunately, in the REI cue contract, there's nothing that would cover covert 19 in relation to deadlines for particular conditions to...
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About Reiq Contract 16th Edition
Reiq Contract 16th Edition is a legally binding agreement between a seller and a buyer of a residential property in Queensland, Australia. It outlines the terms and conditions of the sale including price, deposit, settlement date, and any special conditions that both parties agreed on. This contract is used by real estate agents, solicitors, and conveyancers involved in the buying and selling of residential properties in Queensland. It is especially important for those who are purchasing a property for the first time as it outlines their rights and responsibilities as a buyer. The Reiq Contract 16th Edition is updated regularly to reflect changes in legislation and to ensure it meets the needs of the current market. It is a widely accepted standard contract used in the industry and helps to provide a fair and transparent transaction for both the seller and the buyer.
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