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ARTICLE · 16 JULY 2010

Changes to the REIQ Residential Contracts

Cooper Grace Ward
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New versions of the REIQ Contracts for House and Residential Land (7th edition) and Residential Lots in a Community Titles Scheme (3rd edition) were introduced on 1 July 2010. The amendments to previous versions of the REIQ Contracts are primarily due to the new national unfair contracts laws and are aimed at addressing any "imbalances" in the parties' rights and obligations under the previous versions.

AustraliaReal Estate and Construction
Kim Teague
Kim Teague
Marcus Ford
Marcus Ford
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New versions of the REIQ Contracts for House and Residential Land (7th edition) and Residential Lots in a Community Titles Scheme (3rd edition) were introduced on 1 July 2010. The amendments to previous versions of the REIQ Contracts are primarily due to the new national unfair contracts laws and are aimed at addressing any "imbalances" in the parties' rights and obligations under the previous versions.

An amendment to the Trade Practices Act 1974 (Cth) introduced prohibitions against unfair contract terms in consumer contracts from 1 July 2010. Consumer contracts include contracts relating to the sale of land to individuals who acquire it wholly or predominantly for personal, domestic or household use or consumption where a "standard form contract" is used. The new requirements therefore impact upon the REIQ contracts as "standard form contracts".

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