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2012 4.3 Satisfied (128 Votes)
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To cancel the sale contract, the buyer must give you (or your client) written notice by 5pm on the 5th day. They can deliver it in person, by email or fax. If the buyer chooses to cancel during the cooling-off period, the seller: may deduct a penalty of up to 0.25% of the purchase price from the deposit.
The Real Estate Institute of Queensland (REIQ) is the state's peak body for real estate professionals. Since 1918, the REIQ has worked tirelessly to raise the standards within the real estate sector \u2013 influencing government, shaping legislation and contributing to the growth and development of the profession.
The REIQ's enduring purpose is to lead a sustainable industry which continues to make significant contributions to the Queensland economy and to strengthen conditions for those working within the industry.
The REIQ contract provides that the property is at the risk of the buyer from 5 pm on the first business day after the contract date. As soon as possible after the contract is signed, it is very important that buyers protect their interest in the property by arranging appropriate insurance over the property.
To have a contract of sale prepared, you will need a licensed conveyancer or qualified solicitor. There are many ways to find a good conveyancer or solicitor. One of them is to talk to your real estate agent.
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People also ask

REIQ is a private membership organisation. REIQ is Queensland's peak professional association for the real estate industry. It exists to support member real estate agents.
The Real Estate Institute of Queensland (REIQ) is the state's peak body for the real estate industry, representing the profession for more than 100 years.
Can a Seller pull out of the REIQ contract? Once a residential contract has been signed by both the Seller and Buyer it is deemed legally binding by all parties. For a Seller to pull out of a sale it would be a complex and potentially costly procedure as they will be breaking the terms of the contract.

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