Why QLD Deposit Rules Have Changed

How a subtle tweak in the Real Estate Institute of Queensland (REIQ) contract could catch buyers out. 

What’s Changed

Under the revised REIQ contract, flagged by Empire Legal, if a deposit due date falls on a weekend or public holiday the buyer must pay it on that day.

In other words, if the Reference Schedule sets a deposit date of Saturday, Sunday or a public holiday, waiting until the next business day is no longer allowed. 

The Implications

Many buyers and agents previously assumed that deposits due on non‑business days could wait until Monday (or the next business day). That assumption is now invalid.

A late deposit can trigger a default under clause 2.1(2)(a) of the contract and give the seller the right to terminate the agreement. 

What Agents Should Do Now

• When completing the Reference Schedule, aim to set deposit due dates on business days wherever possible.

• If the deposit due date falls on a weekend or holiday, ensure the buyer makes the electronic transfer on or before that day and immediately provides proof of payment.

• Discuss deposit timing with buyers before signing so they understand they can be held responsible even if banks are closed.

Bottom Line

The “safety net” of waiting until the next business day is gone. For REIQ contracts, the deposit due date means the deposit must hit the deposit‑holder’s account (or at least transfer initiated) on that exact date, weekend or not. Failure to meet that deadline could put the deal at risk.

At Freedom, our contracts team supports our agents and their clients throughout the whole process. 

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