Every contract of sale has a section — the particulars in NSW, the reference schedule in QLD, the particulars of sale in VIC — that captures the deal in a handful of fields. Most disputes and delays trace back to something in that section being wrong, misunderstood, or missed. Read it carefully before you sign, and track the dates it sets, because in most contracts those dates are binding to the day.
The terms to check
- The parties — and the exact buyer entity. Are you buying as an individual, jointly, or through a company or trust? Getting the buyer's legal name or entity wrong is a genuine problem to unwind later, and it can affect your duty and lending.
- The property. The address and the title reference should match, along with what's included and excluded (see inclusions and exclusions).
- Price and GST. The purchase price, and whether GST is included or applies — it usually doesn't on an established home, but can on new or commercial property.
- The deposit. How much, when it's due, and — critically — who holds it. It should sit in a licensed agent's or solicitor's trust account, never with the seller directly.
- The agent and seller details. So notices go to the right place at the right time.
The key dates to track — and why each one bites
A contract runs on a short series of deadlines. Miss one and you can lose a right, lose your deposit, or hand the other side a reason to terminate.
- Contract date — the day the contract is formed; it starts most of the other clocks.
- Cooling-off end — the window to reconsider, where it applies (it doesn't at auction).
- Finance date — by when your loan must be unconditionally approved, and often your last clean way out if it isn't.
- Building and pest date — by when inspections must be done and satisfied or the condition acted on.
- Deposit due date(s) — when the balance of the deposit has to be paid.
- Settlement date — when the money changes hands, title transfers, and you get the keys.
In most standard contracts these dates are time of the essence, meaning they're strict — a day late can be a breach, not a rounding error. Diarise every one the moment the contract is signed, and let your conveyancer track them with you.
The details differ by state
The terms and dates above apply everywhere, but the exact structure, the cooling-off and condition periods, and what you may need to withhold at settlement for tax all vary by state. Read the version for where you're buying: NSW, QLD, or VIC.
Finally, don't stop at the particulars. The terms that most often catch buyers out are the special conditions and the things that are missing — an absent disclosure document, an unusual clause an agent has added, a condition you needed for your situation that isn't there. Have your conveyancer review the whole contract, not just the front page.