What to check in your QLD contract
In Queensland the deal-specific details sit in the Reference Schedule of the REIQ contract: buyer and seller, the seller's agent, the deposit, the purchase price, and the key dates. Read it line by line and flag anything wrong before you sign.
- Deposit. Usually 5 to 10% in Queensland. Ask for more than 10% (20% for off-the-plan) and the contract becomes an "instalment contract" under the Property Law Act 2023, with very different termination rules — get advice before agreeing to that. The deposit is held in a licensed agent's or solicitor's trust account, never with the seller. Pay it in the amount and by the time the contract sets; failing to pay lets the seller terminate and keep it.
- GST and CGT withholding. If the seller gives notice, GST withholding is paid to the ATO. For contracts signed from 1 January 2025, foreign resident CGT withholding requires the buyer to withhold 15% of the price, with no minimum threshold, unless the seller provides a valid ATO clearance certificate. See foreign resident CGT withholding.
- Form 2 seller disclosure. Since 1 August 2025 the seller must give you a Form 2 seller disclosure statement and prescribed certificates before you sign. If they do not, or it is materially wrong, you may be able to terminate before settlement. See the Form 2 seller disclosure statement.
Time is of the essence in Queensland
The standard REIQ contract makes time of the essence (clause 6.1): condition deadlines are strict, and the cut-off is 5pm on the day. The consequence of missing one depends on the condition. Miss the finance deadline and the contract stays on foot with both parties able to terminate until notice is given; for building and pest, silence is commonly treated as satisfaction. Do not rely on either outcome; give written notice in time.
The QLD key dates
- Contract date: starts the clock.
- Cooling-off: 5 business days after signing (private treaty, not auctions), expiring 5pm on the 5th business day; terminate and the seller can deduct up to 0.25% of the price. More on cooling-off in QLD.
- Finance date: commonly 14 to 21 days; a blank finance field means the contract is not subject to finance.
- Building and pest date: commonly 7 to 14 days; act by 5pm on the date.
- Deposit and balance deposit due: as set in the Reference Schedule.
- Settlement date: default 30 days, though 60 or 90 is common.
Late settlement can attract default interest: the Queensland Law Society rate is 10.84% p.a. from 1 December 2025; check the Schedule has not raised it.
One Queensland quirk softens this: either party can unilaterally extend the settlement date by written notice given before 4pm on settlement day, to a new date no more than 5 business days after the original (clause 6.2) — no agreement needed, and it can be used more than once within that 5-day cap. If an electronic settlement is held up because documents aren't signed in the final hour, the date can also roll automatically to the next business day (clause 6.3).
Insure from the day you sign in Queensland. Under the standard Queensland contract, the property is at the buyer's risk from 5pm on the first business day after the contract date (clause 8.1) — days or weeks before settlement. Arrange building insurance when you sign, not when you get the keys.
Deadlines in Queensland run to 5pm. Contract deadlines expire at 5pm on the relevant day, and a date that falls on a weekend or public holiday carries over to the next business day.
See also the five things to check on any contract and complying with contract conditions in QLD.
