Signing a property contract is not the finish line, it's the starting gun. What you agree to in that document, and what conditions you include, will shape the entire purchase from that moment forward.
Most buyers feel pressure to sign quickly and sort the detail later. This guide explains what you should understand before the pen touches the paper.
A property contract is a legally binding agreement between buyer and seller. Once both parties have signed and the cooling off period has passed — or been waived — you are committed to the purchase on the terms set out in that document.
In Queensland, the standard residential contract is the REIQ Contract for Houses and Residential Land or the REIQ Contract for Residential Lots in a Community Titles Scheme. These are standard forms, but they include spaces for special conditions that can significantly alter your rights and obligations.
The contract sets out the purchase price, settlement date, deposit amount and timing, inclusions and exclusions, and any conditions that must be satisfied before the contract becomes unconditional. It also defines what happens if either party fails to complete.
The selling agent prepares the contract on behalf of the vendor. It is not prepared to protect your interests, it is prepared to facilitate the sale. That is not a criticism of agents; it is simply the nature of their role. Your solicitor reviews it from your perspective.
Never sign a contract without having your solicitor or conveyancer review it first. The cost of a legal review is minimal compared to the cost of being bound by terms you didn't fully understand. Send the draft contract to your solicitor before you sign, not after.
Every contract has two critical dates: the unconditional date (when all conditions must be satisfied) and the settlement date (when ownership transfers and money changes hands). Both are negotiable. Both matter enormously. Know what you are agreeing to before you sign.
Contract conditions are your protection. They give you the right to investigate the property and withdraw, or renegotiate, if something doesn't stack up. Never waive a condition lightly, and never sign an unconditional contract without understanding exactly what you are giving up.
In competitive markets, particularly in Noosa, buyers are sometimes pressured to make offers with reduced or waived conditions to appear more attractive than competing buyers. Understand exactly what you are giving up before you waive any condition. A building and pest inspection waived to win the deal can expose you to tens of thousands in undisclosed defects. The decision may still be the right one, but it should be a conscious, informed choice.
Queensland law provides a 5-business-day cooling off period for residential property purchases. It is a safety net, but it comes with a cost, and it doesn't apply in all situations.
If you sign a contract and then change your mind during the cooling off period, you can withdraw, but you will forfeit 0.25% of the purchase price as a penalty. On a $1.5 million property, that's $3,750.
The cooling off period begins when the buyer receives a fully signed copy of the contract. It applies to private treaty sales of residential property and does not apply to properties purchased at auction.
Buyers can waive the cooling off period by signing a Form 32, a Certificate of Advice from a solicitor confirming that the legal consequences of the waiver have been explained. This is sometimes requested in competitive situations to make an offer more attractive to the seller.
The cooling off period is not a substitute for due diligence. Five business days is not enough time to complete a building inspection, finance assessment, title search, flood certificate and planning check. Use it as breathing room, not as your investigation window.
The cooling off period does not apply to properties purchased at auction, or to contracts signed within 2 business days before or after an auction for the same property. At auction, the contract is unconditional from the moment the hammer falls, there is no period to reconsider.
The cooling off period and contract conditions are separate protections. You can have both. A contract with a finance condition and a building & pest condition, signed within the cooling off period, gives you the most flexibility. Understand which of your protections applies when.
The deposit is one of the most misunderstood parts of the Queensland contract process. When it's paid, where it's held, when it's at risk, these all matter more than most buyers realise.
In Queensland, the deposit is typically 5–10% of the purchase price, paid to the selling agent's trust account. It is held there until settlement, when it is applied toward the purchase price.
The deposit is usually paid in two stages: an initial deposit (often $1,000–$5,000) paid on signing, and a balance deposit paid when the contract goes unconditional. This structure is negotiable.
Once the contract is unconditional, the deposit is at risk if you fail to complete the purchase. If you default after going unconditional, the seller may be entitled to keep the deposit and pursue you for additional losses.
If the contract does not proceed because a condition was not satisfied, for example, finance was declined, the deposit is returned to the buyer in full, provided the condition was properly invoked within the specified timeframe.
In some contracts, the seller may request early release of the deposit from the trust account before settlement, sometimes to fund their own purchase. This is not standard and carries risk for the buyer. If the contract falls through after early release, recovering the deposit can be very difficult. Always seek your solicitor's advice before agreeing to early deposit release.
The deposit amount and timing are negotiable. A seller who needs a quick exchange may accept a higher initial deposit in exchange for a shorter due diligence period. A buyer with limited liquid funds may negotiate a smaller initial deposit with the balance paid at unconditional. Everything is on the table before you sign.
Most buyers focus on price. Experienced buyers know that the terms of the contract, conditions, dates, deposit structure, inclusions, can be just as important as the number at the top.
The time between signing and settlement. Standard in Queensland is 30–60 days, but longer or shorter periods can be negotiated. A longer settlement can help if you need more time to organise finance or sell an existing property. A shorter settlement may be attractive to a motivated seller.
The window you have to satisfy conditions. Longer is generally better for buyers, it gives more time to obtain inspections, flood certificates, planning advice and finance approval without rushing. Standard is 14–21 days but this varies.
Both the amount and when the balance is paid are negotiable. In some cases buyers negotiate to pay the full deposit at unconditional rather than at signing, which preserves liquidity during the due diligence period.
The obvious one, but price negotiation is most effective when you have done your comparable sales analysis and can support your position with data rather than preference. A buyer's agent does this as a matter of course.
If a building inspection identifies defects, you can negotiate for the seller to rectify them before settlement, provide a price reduction, or offer a settlement credit. Which approach is most effective depends on the nature of the defect and the vendor's situation.
For buyers wanting to measure, plan or begin minor preparations before settlement, early access can sometimes be negotiated, typically subject to insurance and the vendor's consent. This should be formalised in a special condition, not left as a verbal arrangement.
"Price gets most of the attention but terms win deals and protect buyers. I've seen clients pay asking price and still get an excellent outcome because the settlement period worked perfectly for their situation. And I've seen buyers who 'won' on price and then faced a nightmare because they waived conditions they shouldn't have. The whole package matters, not just the number."
— Ross Simmons, Noosa Property ScoutDisputes over what was included in the sale are among the most common sources of buyer frustration at settlement. Understand the rules, and check the contract carefully.
Fixtures are items permanently attached to the property and are included in the sale unless specifically excluded. Examples include light fittings, built-in wardrobes, dishwashers (if plumbed in), blinds, curtain tracks, air conditioning units and garden structures like pergolas and sheds.
Chattels are moveable items that belong to the seller and are excluded from the sale unless specifically listed as inclusions. Examples include freestanding furniture, pot plants, portable appliances and the seller's personal belongings.
The grey areas cause the most problems, a freestanding oven that has become the centrepiece of the kitchen, a large pot plant on a stand that the seller intends to take, a garden shed that was shown as a feature in the marketing. If it matters to you, put it in the contract.
If an inclusion matters to you, list it in the contract. Don't rely on verbal assurances, what was shown in the marketing photos, or what "seems obvious." If it isn't in the contract, the seller is not obligated to leave it.
You are entitled to a pre-settlement inspection, typically in the 24–48 hours before settlement, to confirm the property is in the same condition as when you signed and that all agreed inclusions are present. Always take this opportunity, or have your buyer's agent or buyer's advocate carry it out on your behalf. If something is missing or damaged, contact your solicitor before settlement proceeds.
A final checklist for the moment before you commit. If any of these are unclear, resolve them first.
Understanding what you're agreeing to, and what to push back on, is one of the most valuable things a buyer's agent brings to the table. I'm happy to talk through any contract before you commit.
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