What Is the REIQ Contract and Who Uses It?
A buyer has just verbally agreed to a price. The agent opens their contract template, starts filling in the Reference Schedule, and within minutes a legally binding framework is taking shape. That document — the one used in practically every residential property sale in Queensland — is the REIQ contract. If you are working in Queensland real estate, you are using it daily. If you are coming from interstate or investing from overseas, it is the first thing you need to understand.
The REIQ contract is a standard form of contract used for the sale and purchase of real estate in Queensland, jointly prepared and endorsed by the Real Estate Institute of Queensland (REIQ) and the Queensland Law Society (QLS). That joint authorship matters: the REIQ/QLS property contracts are the most common form of sale contracts used in Queensland, with terms settled by both bodies and updated to reflect changes in law and technology.
The result is a document the entire industry relies on. Real estate agents and solicitors across the state use these contracts as a standard template, which provides a level of certainty and consistency in transactions — instead of every sale requiring a bespoke, legally drafted document from scratch, the REIQ standard contract provides a comprehensive and trusted framework that streamlines the conveyancing process.
The REIQ Contract Suite: What Exists and What Has Changed
The suite of contracts has evolved considerably — and the most significant restructure in decades came into effect on 1 August 2025.
The new Contract for the Sale and Purchase of Residential Real Estate (1st edition) consolidates the previous Contract for Houses and Residential Land (19th edition) and Contract for Residential Lots in a Community Titles Scheme (15th edition). In practice, this means agents no longer need to select between a houses-and-land version and a community titles version — there is now one REIQ contract you will encounter whether you are buying or selling a home, unit, apartment, townhouse, or vacant land.
The new Contract for the Sale and Purchase of Commercial Real Estate (1st edition) consolidates the previous Contract for Commercial Land and Buildings (10th edition) and the Contract for Commercial Lots in a Community Titles Scheme (9th edition). The rationale was consistency: the previous four contracts were broadly consistent across their terms and conditions, but maintaining separate versions created unnecessary complexity and risk of agents using the wrong form.
The contracts are designed for use from 1 August 2025, when the new seller disclosure scheme introduced by the Property Law Act 2023 (PLA) commences. This is the defining legislative event that drove the restructure. The Property Law Act 2023 has been proclaimed and commenced on 1 August 2025 — the most comprehensive set of changes to Queensland’s property laws in around 50 years since the Property Law Act 1974.
For agents who have been in the industry a while, it is worth understanding that the residential contract had been through nineteen editions before this consolidation. Each edition reflected shifts in legislation — for example, the 17th edition contracts were released on 20 January 2022 to coincide with the commencement of changes to smoke alarm requirements under the Fire and Emergency Services Act 1990 and Building Fire Safety Regulation 2008. Later, the QLS and REIQ published the 19th edition of the Contract for Houses and Residential Land and the 15th edition of the Contract for Residential Lots in a Community Titles Scheme following amendments to the Residential Tenancies and Rooming Accommodation Act 2008. The point for agents: each new edition addressed real and specific legal changes, not administrative housekeeping.
How the Contract Is Structured
Understanding the architecture of the REIQ contract prevents the most common errors agents make when preparing it.
The standard REIQ contract contains a Reference Schedule in which all pieces of information relevant to the sale are set out, including the critical items: property details, purchase price, deposit, and settlement date. The Reference Schedule is the agent’s primary working space — it is where the parties are named, conditions activated or deactivated, and the commercial terms of the deal recorded. The Standard Terms of Contract sit behind the Reference Schedule and govern how everything works in practice.
Details of any title encumbrances — such as easements — and tenancies that will exist at the time of completion must also be checked and correctly recorded. From 1 August 2025, title encumbrances connect directly to the seller disclosure obligations: under the new regime, the Reference Schedule includes a section addressing whether a seller disclosure statement has been given to the buyer, and unregistered encumbrances disclosed in that statement must be recorded accordingly.
The contract also accommodates special conditions — additional clauses that address circumstances the standard terms do not cover. The contract allows for the inclusion of any special conditions, such as early access to the property for renovations or tenant preparation, which cannot be written by an agent in Queensland and must be prepared by a legal practitioner for clarity. This is a point worth reinforcing with clients who are unfamiliar with Queensland practice: buyers should be particularly wary of special conditions that are added to the contract, as in some instances sellers may delete certain provisions of the standard terms without explaining the full significance of those deletions to the buyer.
An important note on alterations: members are advised that alterations to the standard terms of contract should only be effected via the addition of special conditions — not by striking out or amending standard clauses in the body of the document. Agents who attempt to manually alter standard terms expose themselves and their clients to significant risk.
Who Prepares the REIQ Contract in Queensland
The question of who physically prepares the contract is one that confuses people coming from other states — particularly from New South Wales, where the vendor’s solicitor typically prepares the contract before marketing begins.
The contract of sale is usually prepared by the real estate agent or, less frequently for house and land contracts, the seller’s solicitors. The contract differs for houses and community title schemes and is created initially by the seller’s representative, with the prospective buyer’s information added once negotiations begin. This is operationally quite different from the Victorian or NSW model — in Queensland, there is no contract exchange process as seen in Victoria and New South Wales. Both parties sign the same document.
For Queensland agents, this means you are on the front line of contract preparation. You are filling in the Reference Schedule, activating or deactivating conditions, and — when the transaction involves a tenanted property — recording tenancy information accurately. The updated contracts include a section to note when the last rent increase was undertaken, and this must be included even if there is currently no tenant in the property. If your client provides incorrect information and the buyer suffers loss as a result, the buyer may be in a position to claim compensation from the seller — and an agent who recorded the information carelessly is exposed too.
The new seller disclosure obligations have also changed the pre-contract workflow in a material way. From 1 August 2025, a seller is required to provide a disclosure statement and prescribed certificates in relation to the property they are selling to a prospective buyer before a contract of sale is signed by the prospective buyer. This means the agent’s job now includes ensuring sellers have completed disclosure obligations before a buyer puts pen to paper. If the buyer receives the statement after signing, or if the disclosure is incomplete or inaccurate, they may cancel the contract under section 104 of the Property Law Act 2023.
The Key Conditions Every Agent Must Understand
Finance
Clause 3 of the REIQ contract provides that the contract is conditional on the buyer obtaining approval of a loan for the finance amount from the financier by the finance date on terms satisfactory to the buyer, and clause 3 is only activated if each of these three items — finance amount, financier, and finance date — is completed in the Reference Schedule. Full and proper completion of these items avoids potential disputes later.
The obligation is active, not passive. Clause 3.1 specifies that a buyer must take all reasonable steps to obtain approval — a buyer cannot escape contractual obligation simply by not applying for finance. This is a point agents sometimes need to explain carefully to buyers who are tempted to use a finance condition as a convenient exit mechanism.
The Cooling-Off Period
The cooling-off period begins the day the buyer (or their solicitor) receives a copy of the fully executed contract, ordinarily lasts for five business days, and ends at 5 pm on the final day. While the cooling-off period allows the buyer to terminate the contract without providing any reason, the seller may impose a penalty of up to 0.25% of the purchase price from the deposit.
The practical effect of that penalty is worth understanding precisely. The seller can only deduct up to 0.25% of the purchase price, and only from what has actually been paid as a deposit — meaning if the buyer has only paid a token deposit of, say, $500, and 0.25% of the purchase price exceeds that amount, the seller cannot pursue the difference. This is why ensuring an adequate deposit is paid at contract is not merely administrative — it directly affects a seller’s financial protection if a buyer exits during cooling-off.
The cooling-off period does not apply in every situation. The period does not apply when the property is purchased at auction, when a registered bidder buys the property within two business days after an auction, when the contract is formed by exercising an option, or when the buyer is a publicly listed company or subsidiary, the State or a statutory body, or is buying three or more lots at once. The governing legislation for the cooling-off period is the Property Occupations Act 2014 (Qld).
Risk and Insurance
The REIQ contract provides that the property is at the risk of the buyer from 5 pm on the first business day after the contract date, and as soon as possible after the contract is signed it is very important that buyers protect their interest in the property by arranging appropriate insurance. This catches buyers from other states off guard — they are used to risk passing at exchange or settlement, not the day after signing. A buyer who is obtaining finance needs to be aware that most lenders will impose insurance requirements as part of making the loan available, and any insurance arranged must satisfy those lender requirements.
GST
The Reference Schedule contains a GST section that requires careful completion. Completing the GST items may have significant consequences for the seller and buyer, and both should seek professional advice — agents should not rely on themselves to complete this section. For most residential sales between private parties, no GST is payable on the supply of the property, but this cannot be assumed in all cases — particularly where the seller is registered for GST or the property has been used for a business purpose.
Smoke Alarms
Changes were introduced to REIQ residential contracts to ensure compliant smoke alarms are installed in the dwelling: the relevant clause requires all smoke alarms to be updated and compliant by settlement, or the buyer is entitled to claim a reduction in the purchase price. This is a practical compliance obligation agents must raise with sellers at listing stage, not at contract preparation.
The New Seller Disclosure Scheme and What It Means for Contract Preparation
This is the biggest operational change for Queensland agents since the e-conveyancing mandate, and it has fundamentally altered how contract preparation flows.
The Property Law Act 2023 introduces a new statutory seller disclosure scheme for Queensland. Under the scheme, a seller must give a seller disclosure statement in the approved form and prescribed certificates to a buyer before entering into a contract of sale, and — subject to some exceptions — seller disclosure is compulsory and the seller and buyer cannot contract out of the requirements.
The prescribed certificates vary depending on the property type. In addition to the seller disclosure statement, the seller must provide certain documents prescribed by regulation, including a body corporate certificate and copy of the community management statement if the property is included in a community title scheme, and notices under other legislation including the Queensland Building and Construction Commission Act 1991, Building Act 1975, Planning Act 2016, and Environmental Protection Act 1994.
The timing is unambiguous: the seller disclosure documents must be given to the buyer before the buyer signs the contract. There is no option to provide them contemporaneously with signing or after the fact. Failing to comply with the new disclosure requirements may give the buyer a right to terminate the contract.
The revised REIQ contract is widely seen as the first step in Queensland’s transition to a formal seller disclosure regime, bringing it closer in line with the more structured legal requirements already seen in NSW and Victoria. For agents and principals accustomed to Queensland’s traditional “buyer beware” environment, this represents a genuine cultural shift as much as a procedural one. This reform brings Queensland in line with other Australian jurisdictions which already operate under similar upfront disclosure regimes.
The new contract has been drafted to apply to both transactions subject to the seller disclosure scheme and those not subject to it — for example, certain exempt transactions. The two new contracts are drafted to apply both to transactions subject to the seller disclosure scheme and to transactions not subject to the scheme.
Who Uses the REIQ Contract and in What Circumstances
Licensed Real Estate Agents and Salespersons
Every licensed agent and salesperson operating in Queensland under the Property Occupations Act 2014 is expected to work competently with the REIQ contract. It is the standard vehicle for virtually all residential freehold transactions — houses, townhouses, units, and vacant land. Agents prepare the Reference Schedule, present the contract to both parties, manage condition deadlines, and facilitate exchange and settlement. Understanding the contract at clause level — not just form-filling level — is what separates effective agents from those who create problems.
Solicitors and Conveyancers
The buyer takes a copy of the signed sales contract to their legal representative for review during the five-day cooling-off and/or finance period. Solicitors acting for buyers and sellers operate within the same contract framework. REIQ contracts are provided to QLS members only, to be used in accordance with the terms and conditions of the licence from the REIQ. This means solicitors access the template through the QLS portal — agents through REIQ membership.
Sellers and Buyers
In Queensland, both the buyer and seller sign the REIQ sales contract once negotiations are concluded. Neither party executes a separate document. For sellers — particularly first-time sellers, investors from interstate, or overseas vendors — understanding that the REIQ contract is the universal standard document removes ambiguity. It is not prepared by one party’s lawyer to favour their client’s interests; it is a jointly endorsed template designed to be fair to both sides.
Interstate Investors and Overseas Buyers
Buyers coming from Victoria or New South Wales will notice the absence of a dual-contract exchange process and the absence of a vendor’s statement (equivalent to Victoria’s Section 32) as a pre-existing document. From 1 August 2025, Queensland does now require upfront seller disclosure — the changes are designed to clarify legal obligations for both parties through a more transparent sale process and bring Queensland into line with other states that have disclosure schemes in place — but the mechanics remain different. The contract is still prepared at negotiation, not before listing.
Overseas investors, particularly those unfamiliar with Australian conveyancing, should understand that the REIQ contract is a standardised legal document reviewed and updated by Queensland’s peak legal and industry bodies. This partnership ensures the contracts are legally compliant, balanced, and reflect the latest changes in property law and legislation. Foreign buyers are also subject to Foreign Investment Review Board (FIRB) approval requirements, which should be addressed through a special condition prepared by a solicitor, not through modifications to the standard terms.
Commercial Transactions
The REIQ Contract for the Sale and Purchase of Commercial Real Estate is officially endorsed by both the Real Estate Institute of Queensland and the Queensland Law Society, providing a standard legal framework for the purchase and sale of commercial property — whether the transaction involves a standalone commercial lot, residential lots managed under a body corporate, or buildings within a community titles scheme. Commercial contracts do not carry the same statutory cooling-off rights available to residential buyers, and the complexity of commercial transactions — GST treatment, lease assignments, make-good obligations, outgoings adjustments — typically requires legal input at an early stage rather than post-contract review.
Common Mistakes Agents Make with the REIQ Contract
Most contract disputes in Queensland stem from avoidable errors at the preparation stage. The Reference Schedule is filled in quickly, under pressure, often at the property with a buyer who is emotionally committed. That is precisely when mistakes happen.
Incomplete finance details. If the finance amount, financier, or finance date is left blank, the finance condition is not activated. A buyer who believes they have finance protection may not. Equally, a seller who has been told the contract is conditional may be surprised to find it is unconditional.
Incorrect tenancy disclosure. On investment property sales, failing to accurately record the last rent increase date — or failing to record it at all because the property is currently vacant — is a compliance failure under the current contract editions. The obligation exists regardless of current tenancy status.
Treating special conditions as optional extras. If a buyer needs to sell an existing property before settling, or requires a longer settlement period to organise international finance, these circumstances require properly drafted special conditions from a solicitor. An agent attempting to address these through informal notes or verbal agreements creates legal risk for everyone.
Using the wrong edition. While any contract prepared on a previous version is still binding, it is always recommended to use the most recent updated contract to take advantage of the current terms. From 1 August 2025, using the old residential contracts for new transactions carries real risk, particularly given the seller disclosure obligations embedded in the new contract structure.
What This Means for Queensland Agents
The REIQ contract is not background paperwork — it is the central legal instrument of every transaction you manage. Getting it right is a professional obligation, not a bonus service.
Three things matter most in practice right now. First, understand that the contract landscape changed materially on 1 August 2025. The Queensland Law Society and REIQ have prepared the new Contract for Sale and Purchase of Residential Real Estate (1st edition) and Contract for the Sale and Purchase of Commercial Real Estate (1st edition) for use from that date. If you are still operating from old templates, update your systems immediately.
Second, the seller disclosure obligation now sits upstream of the contract — not inside it. Your pre-listing conversations with vendors must now include a clear explanation of what the disclosure statement requires and enough lead time to gather the prescribed certificates. Sellers should prepare early to avoid delays and ensure all required certificates are ready before listing the property or setting an auction date. Agents who leave disclosure preparation to the last moment will find settlement timelines under pressure.
Third, know the boundaries of your role. Agents prepare the Reference Schedule and present the contract. Special conditions must come from a solicitor. GST items should not be completed by the agent without the parties taking independent advice. The cooling-off period, the risk provisions, and the finance condition all have legal implications that go well beyond the form-filling exercise. QLS and REIQ have updated the REIQ contracts to reflect the commencement of the Property Law Act 2023 on 1 August 2025, including the seller disclosure framework — and agents who understand that framework, not just the contract template, are the ones who keep transactions on track.