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

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

Reviewed by a licensed conveyancer

Reviewed by

Cordell Smith

Last updated

July 24, 2026

Contract terms and key dates are the details specific to your agreement. In QLD they sit in the Contract's Reference Schedule — buyer and seller details, seller's agent, deposit requirements, purchase price, GST and CGT obligations, and key dates. Review them carefully and flag any inaccuracies immediately.

In detail

Deposit: pay in the amounts/times set out in the contract, with written evidence for electronic payments; failure to pay or otherwise breach lets the seller terminate, keep the deposit, and claim further compensation (may include agent commission). GST Withholding: if the seller gives notice, pay the withheld portion to the ATO under s.14-250 Sch 1 of the Taxation Administration Act 1953 (Cth). CGT Withholding: for contracts signed from 1 January 2025, withhold 15% of the purchase price — no minimum price threshold — and pay it to the ATO at settlement, unless the seller produces a valid ATO clearance certificate or variation notice. Key dates: Contract Date, Deposit Due, Balance Deposit Due, Finance Date (notify the seller to extend or terminate if finance isn't secured), Building and Pest Inspection Date, Settlement Date. Separately: get the contract reviewed by a legal expert before signing — common issues include the wrong buyer entity, unclear deposit terms, and missing conditions for foreign ownership, finance, or a related settlement.

In practice · QLD

Contract terms and key dates in practice (QLD)

In our Queensland matters, most of the trouble buyers run into is already sitting in the Reference Schedule — they just don't read it closely before signing. The details that decide the deal live there: the parties, the deposit terms, the price, and the key dates.

Two patterns come up regularly. The first is the wrong buyer entity being named, an easy thing to leave uncorrected in the rush and awkward to fix later. The second is buyers losing track of the key dates — the deposit due dates, the finance date, the building and pest date, and settlement. Miss a deposit payment or a deadline and the seller can terminate, keep the deposit, and claim further compensation.

What we do is review the schedule before you sign, check the buyer details and deposit terms, and keep the key dates diarised so nothing lapses.

The takeaway: read the Reference Schedule closely and track every key date, because that's where a Queensland contract is won or lost.

Common questions

What is default interest in a QLD property contract?

If the buyer is late with any payment, they must pay interest from the due date until payment is made, at the rate specified in the contract.

Related explainers

Finance Approval Guide

Finance approval is your lender's formal agreement to fund the purchase. Where your contract is subject to finance, you must take all reasonable steps to obtain approval by the finance date — applying promptly and following up diligently — then notify the seller in writing before the deadline whether it's approved, waived, or not approved.

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Consequences of Buyer Default (QLD)

A buyer default happens when the buyer fails to meet their contract obligations, and the seller then has several remedies available to recover their position and be compensated for losses.

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Complying with Contract Conditions

Complying with contract conditions means satisfying the requirements your contract is subject to — typically a finance condition or a building and pest inspection condition — by the relevant deadlines. You must take reasonable steps to meet them in time, or you may lose the right to terminate on those grounds.

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Section 27 Early Release of Deposit (VIC)

Section 27 of Victoria's Sale of Land Act 1962 lets a buyer's deposit be released to the seller before settlement, instead of being held in trust, if certain conditions are met.

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