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

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

Contract terms and key dates are the critical details specific to your agreement. In Victoria they appear in the Particulars of Sale — buyer and seller details, seller's agent, deposit amount and due date, purchase price, GST obligations, key dates, goods sold with the land, and possession terms. Review it carefully and flag any inaccuracy immediately.

Deposit: must pay on schedule with written evidence; failure lets the seller terminate, retain the deposit, and claim further compensation including agent commission. GST Withholding: pay directly to the ATO if the seller mandates it. 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 approval deadline, building and pest inspection deadline, settlement date. Separately, before signing, get the whole contract reviewed by a legal expert — common issues include the wrong buyer entity being specified, unclear deposit terms, and missing conditions for foreign ownership, finance approval, or a related settlement happening at the same time.

Common questions

What happens if I miss a deposit deadline in Victoria?

The seller may terminate the contract, keep any deposit already paid, and claim further compensation including agent commission.

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