You don't need a law degree. Most of the contract is boilerplate, but a handful of fields decide whether you keep your deposit, get finance through, and get the fridge you were promised.
The standard form differs by state: QLD uses the REIQ contract (1st edition from 1 August 2025), NSW uses the Law Society / REINSW Contract for the Sale and Purchase of Land, and VIC mainly uses the LIV / REIV Contract of Sale of Land with a mandatory Section 32 Vendor's Statement. The five checks apply to all three — only the numbers and deadlines change.
Check 1: Price and deposit
The variables live in the Reference Schedule on the front page.
- Purchase price. Cross-check against the agent's offer email. Typos happen.
- Deposit amount. Usually 5% or 10% (QLD legal max is 10%). Sometimes split into initial and balance.
- When it's due. QLD - Clause 6.1 — time is of the essence. Miss it and you're in breach. VIC - refer to the contract particulars and general + special conditions. Normally the condition will expire and no longer apply if not extended/satisfied before the due date, but this is not always the case
- Who holds the deposit. A licensed agent's or solicitor's trust account. Never the seller direct.
If the deposit field is blank (if the contract contains a deposit holder field) or the holder isn't a law firm or licensed agent, call the agent to clarify and call your conveyancer if you have further questions.
NSW: Initial deposit on exchange is usually 0.25% (if cooling-off rights apply) with the 10% balance due at the end of cooling-off, or the full 10% on exchange if cooling-off is waived (s 66W certificate). Deposit is held by the vendor's agent or solicitor in trust.
VIC: Deposit is typically 5-10%. For off-the-plan, must not exceed 10% of the price. Held by the estate agent or vendor's legal practitioner in a trust account.
Check 2: Settlement date
Settlement is the day you pay the balance and get the keys.
- Default is 30 days from contract, though 60 or 90 is common.
- Work backwards. Does finance and building and pest fit? 30 days settlement with 21-day finance is tight but workable. Shorter? Push back.
- Late settlement penalty. Seller can charge default interest on the unpaid balance —
- QLD - QLS rate is 10.84% p.a. (from 1 December 2025). Check the Schedule field hasn't been bumped above standard.
- VIC - Common rates are 10-14% however refer to the contract general and special conditions as the rate is often amended.
NSW: Settlement is usually 42 days (6 weeks) from exchange, though 30, 60, and 90-day settlements are negotiable. Late settlement triggers a penalty interest rate stated in the contract — commonly around 10% p.a.; check the rate hasn't been raised by special conditions.
VIC: Settlement is usually 30–90 days from the day of sale, set in the Particulars of Sale. Default interest is set in the General Conditions of the contract and often amended by the special conditions.
Check 3: Conditions (finance, B&P, special)
Conditions are what get you out — with your deposit back — if something goes wrong.
Finance. Schedule needs three fields: Finance Amount, Financier, Finance Date. Any blank = contract not subject to finance. Standard period is 14 or 21 days.
Building and pest. Standard period is 7 to 14 days. By 5pm on the inspection date, give the seller written notice. Miss it and normally the condition is taken as satisfied, however please refer to the general and special conditions for each party's rights.
Cooling-off. QLD gives 5 business days after signing (private treaty only, not auctions). Terminate and the seller can deduct up to 0.25% of the price from your deposit.
NSW cooling-off:5 business days from exchange of contracts (private treaty only, not auctions or sales on the same day as a passed-in auction). Forfeit is 0.25% of the purchase price. Can be waived by a s 66W certificate signed by your solicitor or conveyancer.
VIC cooling-off:3 clear business days from when you (the buyer) sign (private sale only). Forfeit is $100 or 0.2% of the price, whichever is greater. No cooling-off if you buy at auction, on the same day as a passed-in auction, within 3 clear business days before or after a public auction, you are an estate agent or a corporate body, or for some commercial/industrial/farming property.
Finance and B&P (NSW/VIC).Not standard built-in conditions in NSW — your solicitor or conveyancer must add them as special conditions. Ask in writing before signing. Most VIC contracts have finance and building/pest conditions that can be marked as applicable if required.
Special conditions. Sellers sometimes add their own ("subject to seller finding a new home"). Read every one twice. Call your conveyancer if anything is unclear.
| Condition | Typical period | Deadline |
|---|---|---|
| Cooling-off | QLD - 5 business days VIC - 3 clear business days from when you (the buyer) sign | QLD - 5pm day 5 VIC - 5pm on the third clear business day |
| Building & pest | 7–14 days | ⏰ 5pm on inspection date |
| Finance | 14–21 days | ⏰ 5pm on finance date |
| Settlement | ~30 days default (60–90 also common) | Day 30 (typically) |
QLD — Time is of the essence (clause 6.1). Deadlines are strict, but 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. Check your contract's conditions — and don't rely on either outcome.
Check 4: Inclusions and exclusions
The Reference Schedule has an Included Chattels / Excluded Fixtures section. Things go missing here.
- Fixtures (attached) are included by default: built-in ovens, ceiling fans, hot water system. Seller wants to take one? Must be listed as Excluded.
- Chattels (movable) are not included by default: fridge, washing machine, curtains. Promised one? List as Included.
Grey zone — solar panels, pool gear, rainwater tanks, light fittings, smart-home gear: if you saw it and want it, list it.
NSW: Inclusions are listed in the front-page Schedule of the Contract for the Sale and Purchase of Land. Same default rule — fixtures included, chattels not — list anything you want in writing.
VIC: Inclusions/exclusions are recorded in the Particulars of Sale at the front of the contract (and cross-referenced in the Section 32). Same default rule applies.
Fixtures (attached) — Default: INCLUDED
- Built-in oven, cooktop, rangehood
- Ceiling fans, light fittings
- Hot water system
- Air conditioner (split system)
- Built-in wardrobes
If the seller wants to take one → must be listed as Excluded.
Chattels (movable) — Default: NOT INCLUDED
- Free-standing fridge / dishwasher
- Washing machine, dryer
- Curtains, blinds, rugs
- Outdoor furniture, BBQ
- TV, brackets
If you've been promised one → list as Included.
Grey-zone: must list explicitly — Solar panels · Pool equipment · Rainwater tanks · Designer lights · Smart-home gear · Bathroom mirrors
"It was there when I inspected" doesn't hold up at settlement. If you saw it and want it, list it.
Check 5: Unusual clauses and disclosures
The standard form is mostly safe. Special conditions catch buyers out:
- Sunset clauses (off-the-plan): developer can terminate if not finished by a date.
- Subject-to-sale. Seller can pull out if their home doesn't sell.
- Tenancy disclosures. Annexure should attach tenant details (start, end, bond, rent).
- Easements, encumbrances, caveats. Registered interests on title.
- Body corporate certificate (QLD/VIC) disclosing matters relating to body corporate.
- Pool safety certificate if there's a pool.
Seller disclosure. Before you sign, the seller must give you a disclosure document — a Form 2 Seller Disclosure Statement in QLD (mandatory since 1 August 2025), the prescribed documents attached to the contract in NSW, or a Section 32 Vendor's Statement in VIC. Each covers title, encumbrances, planning and outgoings, and if it is missing or materially wrong you generally have a right to get out of the contract. It does not cover the building's physical condition — that is your due diligence. See what a seller must disclose before you sign.
What's on the title
Your conveyancer pulls a title search from the state land registry to confirm the seller is the registered owner and to surface any mortgages, easements, covenants or caveats — anything you would inherit or need cleared at settlement. They verify it independently even though it is usually included in the seller's disclosure documents. See what a title search shows.
When to push back, when to walk, when to call
Push back when: settlement is too tight for finance + B&P; promised inclusions aren't listed; default interest is above common range; finance or B&P period is under 14 days.
Walk when: the seller won't negotiate; Disclosure or prescribed documents are missing, or materially wrong; the title shows a caveat that the seller cannot provide information on.
Call your conveyancer when: you don't understand a special condition; Disclosure documents surprise you; the agent is pressuring you to sign before review.
| # | Field | What to check |
|---|---|---|
| 1 | Purchase Price | Cross-check vs the agent's offer email. Typos happen on big numbers. |
| 2 | Deposit + Stakeholder | 5–10% max. Held in a licensed agent's or law firm's trust account. Never the seller direct. |
| 3 | Settlement Date | Default 30 days. Work backward. Does finance + B&P fit comfortably? |
| 4 | Finance + B&P dates | Blank Finance Amount, Financier, or Finance Date = contract not subject to finance. |
| 5 | Included Chattels / Excluded Fixtures | List every grey-zone item explicitly. Free-standing appliances, solar, pool gear, designer lights. |
| 6 | QLD - Form 2 attachment | Seller's disclosure statement + prescribed certificates. Mandatory before signing since 1 Aug 2025. |
A 30-minute review before signing is worth more than a week of cleanup after.
What's next
This is general info, not legal advice. Every contract is different, and one missed clause can cost thousands.
Zettle offers a free contract review worth $275. Our experienced practitioners read your contract, flag the risks, and tell you what to negotiate before you sign.
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Sources
- REIQ: Forms and contracts
- REIQ: New seller disclosure regime in Queensland
- Queensland Law Society: REIQ property contracts
- Queensland Law Society: Default interest rate (10.84% from 1 Dec 2025)
- QLD Government: Seller disclosure scheme
- QLD Government: Seller Disclosure Statement (Form 2)
- Property Law Act 2023 (Qld)
- Holding Redlich: Queensland's Property Law Act — new seller disclosure requirements
- NSW Government: Buying property in NSW
- NSW Government: Conveyancing for property buyers and sellers
- NSW Law Society: Contract for the sale and purchase of land (DCS)
- Consumer Affairs Victoria: Seek expert advice on property (Section 32)
- Consumer Affairs Victoria: Buying property by private sale (3-day cooling-off)
- Consumer Affairs Victoria: Property settlement
General information only — not legal advice. Conveyancing law and timeframes vary by state; confirm your situation with a licensed conveyancer or solicitor.