What Is an REIQ Contract in Queensland Real Estate? Definition and Agent Guide
Every residential property sale in Queensland has a contract at its centre. In the vast majority of those transactions, that contract is the REIQ Contract — formally the Contract for Houses and Residential Land — the standard-form sale document jointly produced by the Real Estate Institute of Queensland (REIQ) and the Queensland Law Society (QLS). The document has been approved by the Real Estate Institute of Queensland Limited and the Queensland Law Society Incorporated as being suitable for the sale and purchase of houses and residential land in Queensland. For practising agents, this is the working instrument of almost every deal you close. Knowing it thoroughly is not optional — it is a professional baseline.
How the REIQ Contract Works in Queensland Real Estate
The REIQ contract is a two-part document. The first part is the Reference Schedule — the variable section that agents complete for each transaction. It records the contract date, the parties’ details, the seller’s agent information, solicitor details, the property description, price, deposit holder and trust account particulars, settlement date, inclusions and exclusions, and any special conditions. The second part is the standard printed Terms of Contract, which contain the operative clauses that govern the rights and obligations of the seller and buyer from exchange through to settlement.
The Reference Schedule does the heavy lifting for the agent. Each field matters. The Reference Schedule captures excluded fixtures and included chattels, as well as the deposit holder’s trust account details including bank, BSB and account number. Errors in any of these fields — wrong lot or plan number, incorrect purchase price, ambiguous inclusions — can create disputes that unwind deals or delay settlement. The standard terms then operate in the background, allocating risk, setting timeframes, and specifying what happens when something goes wrong.
Once both parties sign, the contract date is established. If no date is inserted, the contract date is the date on which the last party signs the contract. That date is the anchor point for calculating every subsequent deadline: the cooling-off period, finance conditions, building and pest inspection periods, and the settlement date itself. Understanding this sequence is fundamental — every day count in the contract flows from when the last party signs.
The contract also deals expressly with e-conveyancing. Queensland has broadly mandated electronic lodgement for property transactions, and the REIQ contract accommodates this. Under the Property Law Act 1974 (Qld), a reference to the settlement of a sale of land has a specific meaning when the sale is to be completed using e-conveyancing — settlement occurs when the electronic workspace for the e-conveyance records that the required financial settlement and/or electronic lodgement has been completed. Agents do not conduct the settlement themselves, but understanding when and how settlement is legally deemed to have occurred matters for commission timing and for managing client expectations.
The Cooling-Off Period
One of the most practically significant provisions for Queensland agents is the statutory cooling-off period. The contract may be subject to a five business day statutory cooling-off period, and a termination penalty of 0.25% of the purchase price applies if the buyer terminates. This does not apply to sales by auction, nor where the buyer waives or reduces the period by separate written notice signed by a lawyer. Agents must understand this provision well enough to explain it accurately to both parties — getting it wrong creates liability exposure.
Why the REIQ Contract Matters for Queensland Agents
The REIQ contract is not merely a form — it is the legal foundation of the transaction you are facilitating. Under s 59 of the Property Law Act 1974 (Qld), contracts for the sale of land must be in writing. The REIQ contract satisfies that requirement in a form that Queensland courts, solicitors and conveyancers all understand and operate within. Departing from it without good reason — or adapting it carelessly — introduces uncertainty into a transaction that everyone has an interest in completing.
For agents specifically, the contract defines the scope of your role and the consequences of mistakes. You are the person who presents the Reference Schedule to the seller for execution, who manages the offer and counter-offer process, who inserts conditions, and who is often the first person either party calls when something appears to go wrong. That proximity to the document creates responsibility. An agent who misrecords the property description, accidentally omits an included item the seller has agreed to, or inserts an unenforceable special condition has created a problem — potentially one that costs their client money and their principal a complaint to the Office of Fair Trading.
The REIQ contract’s essential terms framework is also critical knowledge. Under the REIQ standard form contracts, where a party is in breach of an essential term, the party who is not in default may immediately terminate the contract, sue the defaulting party for damages and reclaim the deposit paid, including any interest earned. Essential terms are not the same as general contractual obligations. Identifying which clauses carry this designation — and advising clients accordingly — is something every agent should be able to do at a basic level, even if the detailed legal analysis belongs to the solicitor.
The contract also has a direct bearing on your commission. Settlement is when you get paid. Anything that threatens settlement — a termination right the other party can exercise, a condition not properly drafted, a special condition that the other side disputes — is a direct commercial risk to you and your principal. This is not abstract: agents have lost commissions because contracts they prepared failed to become unconditional or were rightfully terminated due to drafting errors.
REIQ Contract Edition History and the 2025 Transition
The REIQ contract is not static. It is updated periodically by REIQ and QLS to reflect legislative changes, industry practice and court decisions. Understanding which edition is current — and using it — is a professional obligation.
On 7 June 2024, updated editions of the Contract for Houses and Residential Land (19th Edition) and the Contract for Residential Lots in a Community Title Scheme (15th Edition) were released. Those editions incorporated significant rental law reform obligations following amendments to the Residential Tenancies and Rooming Accommodation Act 2008 (Qld). Under the new editions, sellers are required to disclose whether the property has been subject to a residential tenancy agreement or a rooming accommodation agreement at any time within the last twelve months prior to the contract date, and to provide the date of the last rent increase if applicable. This is directly relevant to agents selling tenanted investment properties.
Where a property, or any part of it, has been rented out at any time in the last twelve months and the seller fails to disclose this, or fails to provide evidence of the last rent increase to a buyer before settlement, the buyer may be entitled to terminate the contract, because this disclosure obligation is defined in the REIQ contracts as an “essential term”. For investment property agents, this is not a technicality — it is a live risk on every tenanted listing. When taking a listing on a property that has been tenanted in the past year, confirm the rental history and the date of the last rent increase before the contract is prepared.
Whilst any contracts prepared on previous versions are still binding, it is always recommended to use the most recent updated contract to take advantage of the new terms. Practically, this means agents and their principals need to ensure their document management systems are using current editions. Corrections were made to the 19th edition REIQ House and Land contract in September 2024, and Queensland Law Society members were requested to download the updated Word versions to ensure they had the document with “Sept 2024” in the title.
The Property Law Act 2023 — The August 2025 Transition
Queensland agents and principals need to be aware of a major structural change taking 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).
These new contracts are designed for use from 1 August 2025, when the new seller disclosure scheme introduced by the Property Law Act 2023 (Qld) commences. This is a significant reform. One of the most significant updates is the introduction of a standardised seller disclosure regime, which will apply to almost all freehold land in Queensland. From August, sellers must provide a disclosure statement and a set of prescribed certificates to buyers before a contract is signed.
The two new contracts replace the suite of four contracts previously endorsed by QLS and REIQ. For agents, the transition date matters. The contracts are designed for use from 1 August 2025. These documents should not be used for contracts formed before 1 August 2025. Any contract signed before that date should use the existing 19th edition. Any contract signed on or after 1 August 2025 should use the new form. Agents should ensure their office templates, CRM systems and digital signing platforms are updated accordingly.
Common Agent Errors with the REIQ Contract
Understanding the mechanics of the REIQ contract is only half the equation. The other half is knowing where agents most commonly go wrong — and making sure you do not.
Incorrect or incomplete property description. The lot and plan number must exactly match the title. A reference to a street address is not sufficient legal description and does not satisfy the requirements of the contract. Always cross-reference against the title search or the council rates notice.
Ambiguous inclusions and exclusions. Disputes over whether a particular item — a garden shed, a wall-mounted TV bracket, a dishwasher — was included in the sale are remarkably common. The Reference Schedule has explicit fields for included chattels and excluded fixtures. Complete them specifically, not generally. “Standard inclusions” is not a sufficient specification.
Finance condition drafting. The finance clause must clearly specify the loan amount, the lender (or that the buyer may use any lender), and the date by which finance must be approved. A vaguely drafted finance clause can leave either party uncertain about their rights if approval is delayed or refused.
Failure to update the tenancy disclosure fields. As noted above, the 19th edition’s rental disclosure requirements are an essential term. An agent who fails to ensure the seller has provided the required tenancy information before the contract is finalised is contributing to a potential termination right in the buyer’s hands. Check tenancy status and last rent increase date before preparing the contract.
Using an outdated edition. Agents who download a contract once and use it indefinitely risk using a superseded form. While any contracts prepared on previous versions are still binding, it is always recommended to use the most recent updated contract. Set a recurring reminder to check the QLS REIQ Contracts page for updates whenever a new legislative reform cycle is underway.
Cyber fraud warning. The REIQ contract itself carries a prominent warning about cybercrime. Before paying any funds to another person or company using information that has been emailed or contained in the contract, the intended recipient should be contacted by telephone to verify and confirm the account details provided. Agents should reinforce this warning with all parties at the time of contract. Email compromise fraud targeting real estate transactions remains a live risk in Queensland.
What Queensland Agents Need to Know About the REIQ Contract
For agents working with interstate buyers or international investors unfamiliar with Queensland practice, the REIQ contract is often a point of difference. NSW and Victorian buyers may be accustomed to contracts that are prepared entirely by solicitors, delivered with extensive special conditions and title searches before exchange, and negotiated at length. Queensland’s system, with its standard-form contract, agent-facilitated execution, and post-contract due diligence period, can seem unfamiliar — and faster. Part of your role in managing those clients is explaining the process clearly, including the cooling-off period, the standard conditions, and how the settlement timeline is constructed.
The contract is also the operative document when things go wrong. If a buyer defaults, it is the contract’s default clauses that determine the seller’s remedies. If the seller breaches an essential term, the contract governs the buyer’s termination rights. If a dispute arises about what was included in the sale, the Reference Schedule is the starting point. Agents who understand the contract deeply are better equipped to manage these situations early — often before they escalate to solicitors and complaints.
The REIQ contract’s approval by both REIQ and QLS means it reflects a consensus position on the rights and obligations of the parties. It is not designed to favour sellers or buyers — it is designed to be a workable, balanced instrument. Agents should present it to clients in that spirit: as a fair and well-tested framework for conducting a Queensland property transaction.
What This Means for Queensland Agents
The REIQ contract is the single document that Queensland agents interact with on every residential sale. It is not background material — it is the deal itself. A thorough working knowledge of the current edition, its key clauses, its essential terms, and its completion requirements is a non-negotiable professional competency.
As of writing, the operative standard residential form is the Contract for Houses and Residential Land (19th Edition, corrected September 2024) for transactions signed before 1 August 2025. From 1 August 2025 onwards, the replacement instrument is the Contract for the Sale and Purchase of Residential Real Estate (1st Edition), which also incorporates the new seller disclosure framework under the Property Law Act 2023 (Qld). Agents should ensure their offices are ready for this transition well ahead of the commencement date.
Practical points to act on now:
- Confirm your office’s contract templates reflect the current edition — not a version from two or three years ago.
- On all investment property listings, obtain the tenancy status and last rent increase date before preparing the contract, to satisfy the 19th edition’s essential term disclosure obligations.
- Familiarise yourself with the new Property Law Act 2023 seller disclosure scheme so that from 1 August 2025 you can explain the pre-contract disclosure process to your seller clients.
- Remind all parties verbally and in writing about cybercrime risks involving payment account details at the time of contract execution.
- Refer all requests to alter standard terms, draft substantive special conditions, or resolve contract disputes to the client’s solicitor. Agents prepare the Reference Schedule and manage the process; the legal drafting and interpretation is the solicitor’s domain.
The REIQ contract is the language of Queensland residential property. The agents who know it well are the ones who protect their clients, protect themselves, and close more transactions without drama.