What is a contract of sale?
The binding agreement between you and the buyer. It locks in the price and terms when it's signed; ownership actually changes hands later, at settlement.
In NSW and Victoria it has to exist before you can advertise. Queensland doesn't require that, though your Form 2 disclosure has to be with the buyer before they sign. Who drafts it varies too — in NSW and Victoria it's your conveyancer or solicitor, while in Queensland agents commonly fill out the standard REIQ contract and your conveyancer reviews it.
What goes into a contract of sale?
- Parties and property — details and legal land description.
- Price and deposit — amount and when payable.
- Settlement period — time between signing and settlement.
- Inclusions and exclusions — fixtures and chattels that stay vs go.
- Special conditions — anything negotiated on top of the standard terms, like a nominated settlement date, or the sale being conditional on the buyer selling their own property first, or on a council approval coming through.
- Required disclosures — state-required statements/certificates.
What disclosure has to go with the contract?
Victoria — a Section 32 statement, given to the buyer before they sign.
New South Wales — prescribed documents attached to the contract before you can advertise.
Queensland — a Form 2 seller disclosure statement plus prescribed certificates, given to the buyer before they sign, under the Property Law Act 2023.
Why does getting it right matter?
An error, omission, or missing disclosure can give the buyer the right to rescind — sometimes up to settlement — or negotiate a reduction.
When should you get it prepared?
Engage your conveyancer early. Zettle prepares your contract and disclosures on a fixed fee, so it's ready the day you go to market and you know the cost before you start. Just Zettle it.