Contract terms and key dates
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Contract Terms and Key Dates (NSW)

What should I check in my property contract, and what are the key dates I need to track in New South Wales?

Contract terms and key dates are the particulars that define your agreement. In NSW they appear on pages 1 and 3 of the 'Contract for the sale and purchase of land 2022 edition' (Law Society of NSW / REINSW). Review the purchaser, vendor and agent details, settlement date, property details, and the price, deposit and balance breakdown.

Agent acknowledgement: NSW contracts typically require confirming you were introduced to the property only by the vendor's agent named on the contract — breaching this may mean paying another agent's commission and legal costs. GST: the purchase price is GST-inclusive unless stated otherwise. GST Residential Withholding: if buying new residential property, you generally withhold ~1/11th (or 7% under the margin scheme) and pay it to the ATO; the vendor's legal rep must state in the contract whether this applies. Foreign Resident CGT Withholding: for contracts signed from 1 January 2025 you must withhold 15% of the purchase price — with no minimum price threshold — and pay it to the ATO at settlement, unless the vendor produces a valid ATO clearance certificate or variation notice. Key dates: Contract Date (when signed counterparts are exchanged), Deposit Due (by exchange, or per cooling-off arrangement: 0.25% by exchange + balance by cooling-off expiry), Settlement Date.

In practice · NSW

Contract particulars in practice (NSW)

In our NSW matters, the particulars pages of the standard contract are where small things quietly become big ones. Buyers tend to skim them, assuming the detail is boilerplate, when they're actually the place errors hide.

A few we see regularly:

  • Inclusions and exclusions that don't match what the buyer thought they were getting — if it's not listed, it's a dispute waiting for settlement day.
  • The agent acknowledgement clause catching buyers who first saw the property through a different agent, exposing them to a second commission claim.
  • Key dates — contract date, deposit due, settlement — noted loosely rather than diarised, so a deadline slips.

What we do is go through the particulars line by line before you sign, confirm your own details and the inclusions are right, and map out the key dates so nothing is missed.

The takeaway: read the particulars as carefully as the price — that's where the avoidable disputes start.

Common questions

Who do I acknowledge introduced me to the property in an NSW contract?

Only the vendor's agent named on the front page of the contract — if you were introduced by someone else, tell your legal representative before signing.

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