New REIQ Contracts to begin on 20 January 2022 | Part 1 – Compliant Smoke Alarms
As of 1 January 2022, all dwelling including residential units offered for sale (and/or even leased) must have smoke alarms installed in accordance with the Fire and Emergency Services Act 1990 and Building Fire Safety Regulations 2008. A new Clause 7.8 has been added to the standard Terms of Contract in relation to Compliant Smoke Alarms.
Sellers need to be aware that that if they do not install or already have installed compliant smoke alarms in the dwelling then the buyer will be entitled to an adjustment on the price payable at settlement of 0.15% reduction in the purchase price.
Buyers be aware that you can claim for this adjustment and will need to do so prior to settlement but you have no right to terminate the Contract or claim for damages for a breach of this clause 7.8.
Stay tuned for further updates regarding the new Contracts…..