It is effectively an industry practice in Queensland that real
estate agents prepare a contract when a property is sold, either by
way of private treaty, or auction.
Although auction contracts are a different beast given the bare
bones approach and lack of drafting that is usually required (given
that they are essentially unconditional from the fall of the
hammer), contracts formed by negotiation can, and have, posed a
problem for buyers and sellers (including their legal
representatives).
As a result of time constraints, a contract can be entered into
without due consideration given to the necessary drafting that
should be included in the contract.
The standard form REIQ Contracts have, for a number of years,
been an industry standard for most land sales in Queensland.
However, the form of the Contract has changed significantly over
those years and, in particular, the past few years given the
significant legislative changes that have occurred in relation
