New REIQ contracts now in Word format

The Queensland Law Society has released Microsoft Word copies of the new contracts for use from 1 August 2025:

• Contract for the Sale and Purchase of Residential Real Estate (1^st edition)
• Contract for the Sale and Purchase of Commercial Real Estate (1^st edition).

QLS members can access advance copies of the contracts in Word format on the QLS REIQ Contracts page.

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. These documents should not be used for contracts formed before 1 August 2025.

The Word versions are provided from today to enable members to update their document management systems and prepare drafts of contracts to be signed by a Buyer on or after 1 August 2025.

Also available on the QLS REIQ Contracts page is a table providing detailed commentary of the key new clauses and changes in the Contract for the Sale and Purchase of Residential Real Estate (First Edition). 

Practitioners should note there have been some minor changes to the documents since we released the pdf advance copies on 1 July 2025.  See further details below.

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Preparing for transition to seller disclosure scheme on 1 August 2025

The new REIQ contract documents are to be used for contracts formed from 1 August 2025, when the PLA commences.

If there is any possibility that both parties will sign before 1 August 2025, do not use these contracts. In such a case, practitioners should use the current versions of the relevant residential or commercial contracts. 

More information about the new seller disclosure scheme is available at QLS Property Central.

There are three key principles to bear in mind when negotiating contracts in the last week of July 2025:

1. The seller disclosure provisions apply to contracts entered into after commencement, that is, 1 August 2025 (section 251 of the PLA); but
2. The seller must give the buyer the disclosure documents before the buyer signs the contract (section 99 of the PLA); and
3. Because the PLA and accompanying regulations do not commence until 1 August 2025, prior to this time the Form 2 Seller Disclosure Statement and prescribed certificates (such as the body corporate certificates) are not approved forms.  This means there is a risk that if the seller disclosure documents are given prior to 1 August, there will be non-compliance with section 99 of the PLA. 

Can I use the new contract before 1 August 2025?

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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. 

However, there are some risks to consider if the new contract is used before 1 August 2025:

• The new contract has some different terms to the existing contract, and you will need to understand the impact on the client.
• The Form 2 Seller Disclosure Statement is not effective until 1 August 2025.  As noted above, because it is not operative until 1 August 2025, there is a risk that if the seller disclosure documents are given prior to 1 August, there will be non-compliance with section 99 of the PLA.  

For more information on the new clauses in the contract, refer to the QLS Proctor article: Advance copies of REIQ contracts ready – Proctor and to the detailed commentary table on the QLS REIQ Contracts page.

Amendments to Residential and Commercial Contracts since 1 July 2025

The Word versions now include the relevant schedules:

• The Residential Tenancy Schedule has been added to the residential contract;
• The Leases Schedule and Service Agreement Schedule have bee added to the commercial contract.

Practitioners should also note the changes below since QLS released pdf advance copies on 1 July 2025, with the benefit of member feedback and further review. There have also been minor typographical and punctuation edits throughout the documents. 

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Practitioners are encouraged to download these Word versions for their use and not rely on any documents which might have been created from the earlier pdf version.

Contract for the Sale and Purchase of Residential Real Estate (1st edition): 

1. Reference Schedule – Title Encumbrances – under the “Seller disclosure statement was given to the Buyer” option, paragraph b, added the bold words: “the Unregistered Encumbrances (note this includes statutory encumbrances affecting the land) disclosed in the Seller Disclosure Statement, unless this contract requires them to be discharged at or before settlement (for example clause 3.5).”
2. Reference Schedule – Relocated the following notation to appear above the Special Conditions section – “The REIQ Terms of Contract for the Sale and Purchase of Residential Real Estate (Pages 7-18) (First Edition) contain the Terms of this Contract.”
3. Clause 5.3 heading – ‘Settlement’ has been capitalised
4. Clauses 5.5(1)(d)(ii) and 5.6(1) – ‘Tenant’ has been capitalised
5. Clause 5.5(1) – Opening paragraph: added the bold words: In exchange for payment of the Balance Purchase Price and the documents to be provided by the Buyer under clause 12.6 or 13.6 (if applicable), …”
6. Clause 5.5(1)(f)(i) – amended to now read “the Seller has given the Buyer a current (at the time it was given) Pool Compliance Certificate before settlement; or”
7. Deleted former clause 5.5(1)(g) – “the documents required by clause 12.6 or 13.6 (as applicable);”
8. Clause 12.4 – “Parcel” replaced with “Scheme Land”
9. Clause 12.9 and 13.9 – capitalised “corporate” in Principal Body Corporate

Contract for the Sale and Purchase of Commercial Real Estate (1^st edition):

1. Reference Schedule – GST – Farm Land cross reference corrected to clause 11.6
2. Reference Schedule – Title Encumbrances – under the “Seller disclosure statement was given to the Buyer” option, paragraph b, added the bold words: “the Unregistered Encumbrances (note this includes statutory encumbrances affecting the land) disclosed in the Seller Disclosure Statement, unless this contract requires them to be discharged at or before settlement (for example clause 3.5).”
3. Reference Schedule – Relocated the following notation to appear above the Special Conditions section – “The REIQ Terms of Contract for the Sale and Purchase of Commercial Real Estate (Pages 7-19) (First Edition) contain the Terms of this Contract.”
4. Definition of Leases, paragraph (i) – added “(if applicable)”
5. Definition of Service Agreement – added “(if applicable)”
6. Clause 5.3 heading – ‘Settlement’ has been capitalised
7. Clause 5.5(1) – Opening paragraph: added the bold words: In exchange for payment of the Balance Purchase Price and the documents to be provided by the Buyer under clause 13.6 or 14.6 (if applicable), …”
8. Deleted former clause 5.5(1)(h) – “the documents required by clause 12.6 or 13.6 (as applicable);”
9. Clauses 13.9 and 14.9 – capitalised “corporate” in Principal Body Corporate.