Found 76 relevant pages. The strongest matches explain what “smoke alarms compliance clause” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• Unexpected Costs: As a buyer, if the property's smoke alarms don't meet Queensland's stringent 2022 standards for interconnected photoelectric alarms, you become responsible for upgrading them after settlement. This can easily cost $800 - $2,500+ per property, depending on its size and existing wiring infrastructure.
• Insurance Voidance: Failure to ensure smoke alarm compliance could potentially void your building insurance policy in the event of a fire, leaving you financially exposed to the full cost of repairs or even total loss. This is a significant buyer's risk.
• Legal Liability: As the new owner, you are legally responsible for ensuring compliance. If a fire occurs and the alarms are non-compliant, you could face fines from authorities or even civil liability for any harm caused, especially if you rent out the property.
• Rental Penalties: For investors, renting out a property with non-compliant smoke alarms can lead to significant penalties from the Residential Tenancies Authority (RTA), impacting your rental income and reputation as a landlord.
• Resale Difficulties: When you eventually sell, future buyers will conduct their own due diligence. A property with non-compliant smoke alarms could become a point of negotiation for a reduced price or even deter potential purchasers, affecting your property's value.
• REIQ Contract Ambiguity: The standard REIQ contract doesn't always explicitly guarantee the latest smoke alarm compliance at settlement. Without a specific special condition, the onus often falls on the buyer to identify and rectify non-compliance post-settlement.