Introduction to REIQ Commercial Contracts
In Queensland’s commercial property market, the Real Estate Institute of Queensland Commercial Contract is the foundation for all transactions involving commercial land and buildings. This contract, officially endorsed by both the Real Estate Institute of Queensland and the Queensland Law Society, provides a standard legal framework for the purchase and sale of commercial property. Whether the transaction involves a stand-alone commercial lot, residential lots managed under a body corporate, or buildings located within a community titles scheme, understanding this contract is essential for staying legally compliant and achieving a successful result..
The evolution of this contract, particularly with updates tied to the Land Title Regulation 2022, the e‑conveyancing mandate, and the upcoming seller disclosure regime, has made it more vital than ever for agents, lawyers, and parties involved in property law to stay current. These reforms directly impact how commercial property transactions are conducted, increasing both the complexity and the legal obligations associated with compliance.
What is the REIQ Contract for Commercial Land and Buildings?
The REIQ Contract for Commercial Land and Buildings is the go-to agreement for commercial real estate transactions in Queensland. It sets out a clear and consistent structure for dealing with commercial land and buildings, covering everything from the land description and buildings to fixtures and required disclosure documents. Unlike contracts used in residential real estate, this contract is specifically designed for commercial properties, with built-in provisions for leases, existing tenancies, zoning considerations, and GST treatment.
You will typically use this contract when:
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The property is intended for business use or investment purposes.
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The transaction involves commercial lots or mixed-use buildings.
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The sale does not fall under the scope of residential property transactions.
This contract gives both buyers and sellers a transparent, legally grounded process with clearly outlined rights, obligations, and clause references. It helps reduce the risk of disputes and supports a smooth path to settlement.
Evolution of REIQ Contract Editions: Past to Present
The Real Estate Institute of Queensland has released multiple versions of the REIQ Commercial contract, each updated to keep pace with changes in legislation, market practice, and client needs. These contracts entered the market with the goal of improving clarity, consistency, and legal compliance in property law.
Historical Editions
Earlier editions, such as the 8th and 9th, separated provisions for commercial land and residential land, creating multiple word versions that had to be carefully selected depending on the transaction type. This often led to confusion and the risk of non compliance.
The 10th edition marked a turning point. It introduced improved standard terms, more consistent clause references, and a more structured layout—making it easier for parties to understand their obligations and for professionals to advise their clients with confidence.
From Four to Two
In partnership with the Queensland Law Society, the Real Estate Institute consolidated four contracts into just two:
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Contract for Houses and Residential Land
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Contract for Commercial Land and Buildings
This move simplified the landscape, reducing confusion and mistakes in internal processes, especially for real estate agents and solicitors managing large volumes of residential lots and commercial lots. The result: greater consistency, fewer errors, and contracts that better reflect the realities of modern transactions.
Key Changes in the 2022 Update
The 2022 update to the reiq commercial contract introduced several key changes aimed at modernising the document and aligning it with current legislation, technology, and practice.
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Settlement Date Extensions: Both the buyer and seller now have the right to extend the settlement date by up to five business days without needing the other party’s consent. This change offers flexibility, especially when finalising documents or dealing with unforeseen delays in transactions.
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Grace Period for Deposits: A two-day grace period now applies to electronic funds transfers, allowing extra time for buyer-signed deposits to clear. This accounts for potential delays in banking systems and supports smoother compliance with contract timelines.
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Expanded Seller Warranties: The seller must now provide more detailed disclosure documents about the commercial land and buildings. If these warranties are breached, the buyer may have termination rights under the contract. This reinforces transparency and strengthens legal protections for all parties.
These updates reflect the ongoing influence of the land title regulation, the conveyancing mandate, and the upcoming seller disclosure regime, all of which continue to reshape the expectations and obligations involved in commercial real estate.
2023–2025 Updates: e‑Conveyancing and Seller Disclosure Regime
Recent and upcoming legislative changes have significantly shaped the structure, content, and obligations within the REIQ Commercial contract and related agreements.
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e‑Conveyancing Mandate: As part of the Land Title Regulation 2022, electronic conveyancing became mandatory from 20 February 2023. This change requires all contracts entered to be compatible with digital platforms used for lodgement and settlement. The shift to digital has streamlined internal processes, improved efficiency, and reduced paperwork for all parties involved in commercial real estate and residential property transactions.
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Seller Disclosure Regime (August 2025): Beginning 1 August 2025, the seller must provide a Form 2 Disclosure Statement along with corresponding clause references and supporting documents—including a current title search, plan, and council rates—before the buyer signs the contract. Failure to comply with this seller disclosure regime may give the buyer the right to terminate the contract at a later date, even after it has been signed. This reinforces the importance of accuracy, timing, and full compliance during residential real estate and commercial land transactions.
These reforms reflect the increasing demand for transparency, accountability, and legal certainty across all contracts for commercial land and residential lots.
Understanding the Seller Disclosure Regime
The seller disclosure regime ensures buyers receive full transparency. It applies differently to residential land and commercial property, but both must meet stringent guidelines to protect the buyer's interests.
Sellers must provide:
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Form 2 Disclosure Statement
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Title and plan searches
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Pool safety, building compliance, and body corporate certificates
Failure to disclose accurately can result in non-compliance penalties, including termination rights for buyers and loss of deposit or commission for sellers.
Contract Structure and Clause References
The reiq contract is divided into two key parts that work together to ensure legal clarity and proper execution:
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Reference Schedule: This section outlines the key details of the contract, including the land, buildings, existing tenancies, inclusions, and any body corporate arrangements.
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Standard Terms of Contract: These are the legally binding provisions that define the rights, obligations, and procedures for parties to follow from contract to settlement.
Each clause in the standard terms is linked to corresponding clause references in the schedule. This structure helps solicitors, agents, and clients easily locate, understand, and verify the conditions of the contract, reducing errors and disputes in both residential property transactions and commercial real estate dealings.
Special Conditions: Residential vs Commercial
Although both residential property transactions and commercial real estate contracts follow similar structures, the reiq commercial contract often includes tailored special conditions to address the unique complexities of commercial land and buildings. These may involve:
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Zoning and planning compliance
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Existing tenancy agreements
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GST implications
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Environmental considerations
In many cases, community titles schemes and body corporate arrangements blur the line between residential lots and commercial lots. As a result, agents and solicitors must carefully adapt the standard terms to suit the type of contract and property, ensuring that the relevant clause references are accurate and enforceable.
Disclosure Documents and Seller Obligations
Before contracts are entered, the seller is required to collect and provide a series of disclosure documents that give the buyer a clear view of the property and its compliance status. These include:
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Form 2 Seller Disclosure Statement
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Certificate of classification for buildings
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Body corporate records and levy certificates
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E‑conveyancing compliance certificates
Providing these documents upfront helps avoid misunderstandings, strengthens trust, and ensures the contract for commercial land is legally sound. Missing or inaccurate disclosures can lead to non compliance, giving the buyer potential rights to terminate—even at a later date.
Internal Processes for Agents and Law Firms
To stay aligned with the evolving reiq commercial contract and related reforms, real estate agencies and legal practices must review and adapt their internal processes. Key action points include:
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Updating existing templates and systems to reflect the new contract structure and standard terms
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Training teams on the latest clause references, obligations, and compliance triggers
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Informing clients—both buyers and sellers—of their updated rights and responsibilities under the new versions
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Using platforms like Realworks or managing Word versions to ensure seamless drafting, editing, and sharing of contracts
Practical Tips for Buyers and Sellers
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Buyers should thoroughly review all disclosure documents and perform due diligence on the property, especially in commercial real estate deals.
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Sellers must ensure every detail is accurate and complete—any mistake or omission may lead to non-compliance and give the buyer the right to terminate the contract.
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Timing is critical. If the buyer signed after the seller signs, any later date discrepancies could impact the enforceability of the contract.
Non‑Compliance Risks and Legal Consequences
The risks of non compliance are serious and can affect all parties involved:
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Buyers may have the legal right to terminate if mandatory disclosure documents are missing or inaccurate
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Contracts entered without proper compliance can be rescinded or legally challenged
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Agents may lose their commission if a contract collapses due to the seller’s failure to meet disclosure or procedural requirements
Advance Copies, Word Versions, and New Forms
Access to advance copies and editable word versions is essential for staying ahead of legislative updates. These tools allow agents and solicitors to:
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Prepare compliant documents in advance of public release
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Update internal templates and client-facing materials before changes become mandatory
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Maintain formatting and language consistency across all contracts entered
Conclusion and Key Takeaways
The REIQ commercial contract remains a cornerstone of commercial real estate transactions in Queensland. With major reforms driven by the land title regulation, e conveyancing mandate, and seller disclosure regime, staying informed is no longer optional—it is essential.
For buyers, sellers, agents, and solicitors, a clear understanding of the contract for commercial land, its structure, and the evolving obligations under property law is key to avoiding disputes, securing timely settlement, and protecting every party’s interests.
Reference
Land Title Regulation 2022 (e‑Conveyancing Mandate)
https://www.legislation.qld.gov.au/view/whole/html/asmade/sl-2022-0124
Queensland Revenue Office – e‑Conveyancing Guidance
https://qro.qld.gov.au/duties/self-assessors/toolkits/econveyancing/transactions/
Final Report – Seller Disclosure in Queensland (Department of Justice)
https://www.justice.qld.gov.au/__data/assets/pdf_file/0006/536748/final-report-seller-disclosure-in-queensland.pdf
Form 2 Seller Disclosure Statement (Property Law Act 2023)
https://www.publications.qld.gov.au/dataset/property-law-act-2023-forms/resource/7a1be178-d2d5-4744-9147-9699c04ee8d8
Explanatory Notes – Property Law Act 2023
https://www.legislation.qld.gov.au/view/html/bill.first.exp/bill-2023-027
REIQ Article – New Seller Disclosure Regime in Queensland
https://www.reiq.com/articles/new-seller-disclosure-regime-in-queensland/
Example of REIQ Contract for Commercial Land and Buildings (10th Edition)
Cassowary Coast Regional Council Copy of the REIQ Contract (endorsed by REIQ and Queensland Law Society):
For a complete list of weekly commercial transactions in Queensland, visit McGees Wrap Up | McGees Property Brisbane
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.
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