The REIQ Contract for Commercial Land and Buildings has now been released in its 10th edition.
The latest updates to the Standard Terms commenced on 30 January 2023 as a result of the e-conveyancing mandate which will formally commence on 20 February 2023.
In case you missed it, the e-conveyancing mandate has been brought about as a result of changes to the Land Title Regulation 2022 (LTR). The changes to the LTR mandate the use of electronic settlement platforms, like PEXA, to finalise all manner of transactions including transfers and mortgages.
As a result, the Standard Terms of all REIQ Contracts have been amended to reflect the legislative amendments. For the purposes of the Standard Terms for the Commercial Land and Buildings Contract, the key changes are as follows:
- There is no scope for the parties to a transaction to agree on whether or not to use an electronic settlement platform. It is mandatory unless an exemption applies;
- Provision is made for ‘rolling’ settlement dates if the chosen electronic settlement platform is not available on a particular day; and
- Sellers must nominate the electronic settlement platform to be utilised.
If you have entered into a Contract for Commercial Land and Buildings and are unsure of your obligations pursuant to the LTR, contact our commercial law team in Cairns today!