Clause 3 of the reiq contract provides that the contract is conditional on the. After you and the seller have agreed on a price for the business and what the price covers, youll usually draw up a contract to give legal force. Rent must be paid on the day of each insert day, see clause 82 of the standard terms. The aibb australian institute of business brokers and kafrouni lawyers have jointly produced a guide to the reiq. Business contracts are made to protect the rights of both the parties in the contract so that both parties get benefited in the long run. There is no need for private sellers to sell privately any more, we offer a full professional real estate service for only a fraction of the cost charged by other real estate agents. The guide reiq business sale contract queensland law society. Buyer must notify seller within 2 business days of that date whether finance is approved. If your qls number was 12345 your logon would be 00012345. The new reiq contract cause for concern 1982 austlii. A standard condition in the reiq business contract obligates the seller to disclose all financial records to the buyer and the buyer has. A standard business contract is available from the real estate institute of queensland reiq which contains a standard set of terms and conditions that are. The reiq terms of contract for houses and residential land pages 614. The reiq is the peak body representing real estate professionals in queensland, making important contributions to government policy, industry.
Summary of the reiq business sale contract kafrouni lawyers. For this, use our guide reiq business sale contract if you are in queensland. Contract 7 exchange seems to govern the method of forming contracts. The contract may be subject to a 5 business day statutory coolingoff period. Guidereiqbusinesssalecontract1411 kafrouni lawyers. The real estate shop sells all manner of products for queensland and australian real estate professionals from documentation to advertising aids and trust accounting books.
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