Are you purchasing or selling property in Queensland? Recent changes to the REIQ contract could impact you.

If you have ever purchased property in Queensland, it’s likely the contract was formed using the endorsed contract and standard terms from the Real Estate Institute of Queensland [REIQ].

On 20 January 2022, the REIQ released a new edition of their precedent contract, which brings with it sweeping changes to the conveyancing and property industry.

These changes are important for anyone considering purchasing or selling property in Queensland, from seasoned property developers through to first home buyers:


Since the last major update of the REIQ contract, internet banking and payments by direct deposit have continued to rise in popularity and it’s the most convenient way for the majority of people to make payments.

The REIQ contract has been updated to include provisions to stop a seller from terminating the contract on a buyer if a direct deposit was made for the payment of the deposit but it has not shown up in the deposit holder’s account on the deposit due date.

Obviously, it is still very important to pay the deposit in time, but this means that a purchaser will not lose their new home if there are technical issues with your bank or the real estate agent’s bank.


By now, just about everyone in Queensland has heard the horror story of the young couple who lost their deposit at the end of 2021 due to their financier needing a one day extension for settlement and the seller not granting this extension.

At the time, the REIQ was widely criticised for its contract not providing a grace period for settlement in these circumstances, as is standard in other States.

As a result, the contract has been changed to allow for a statutory 5 business day extension if the buyer or the seller or either of their financiers require this time to be ready for settlement.

It is still important that all parties do their best to adhere to the original date for settlement as set when the contract is signed.

Of course, there is always the option in events such as the recent floods, to extend any critical date of a contract due to any natural disaster, war or any other force majeure event.

Smoke alarms

With reforms to the smoke alarm requirements for homes finally coming into full effect, there is now a contractual obligation for sellers to have the compliant smoke alarms installed in the home. If they fail to do so, the buyer has a right to retain 0.25% of the total purchase price at settlement to enable them to install the correct smoke alarms in the home after settlement.

Pool safety certificate

If there is a non-shared pool on the property being sold, and there is no current pool safety certificate, then the seller must provide the Notice of No Pool Safety Certificate prior to the contract being signed by the buyer.

If the Notice of No Pool Safety Certificate is not provided to the buyer before they sign the contract, the seller is then required to provide a Pool Compliance Certificate at settlement, and if this is not completed then the buyer is entitled to terminate the contract at settlement.

Seller’s warranties

A new warranty has been added to those previously included in the REIQ contract. A seller warrants they have not received any communication from any relevant authority that may lead to any notice to do work to the property [i.e. communication from your local Council that work needs to be done on the property in order to finalise building approvals].  If a seller has received such correspondence, they are required to disclose this to the buyer of the property before the contract is signed.

There are a range of additional smaller changes to clarify certain definitions and to reflect changes in technology since the last edition of the contract was released in 2019, but that’s what we are here to help you with.

If you are thinking of purchasing or selling a property you can reach out to the businessDEPOT legal team by shooting us an email at or giving us a buzz on 1300 BDEPOT.

Written in conjunction with Special Counsel, Brendan McGrath.


general advice disclaimer

The information provided on this website is a brief overview and does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.