QLD settlement timing at a glance
| Rule | Queensland |
|---|---|
| Is time "of the essence"? | Yes — you must provide the balance of the purchase price strictly by the due date |
| Extending the date | Either party — buyer or seller — can extend settlement by written notice, by up to five business days in total, without needing the other's agreement |
| Why the extension exists | To absorb minor, unexpected delays beyond a party's control, such as funding delays |
| At settlement | The amount is adjusted to account for payments the seller has already made to government bodies for the period |
"Usually, time is of the essence of the Contract which means that you must provide the Seller the balance of the purchase price strictly by the due date." A key Queensland-specific feature: under the Standard Contract, either party — buyer or seller — may extend the Settlement Date by up to five business days in total by giving written notice to the other, without the need for the other's agreement. This provision for extending without mutual consent "allows for flexibility in circumstances where unexpected delays may occur" — it protects parties from minor delays beyond their control, such as funding delays. See settlement obligations and extension rights (QLD) for how the right works in full. Despite this extension option, meeting the original deadline remains crucial to avoid disruptions, especially when settlement coordinates with lease endings or renovation commencements, and you should factor in potential delays when coordinating removalists or moving arrangements. At settlement you generally will not pay the exact amount on the contract: adjustments are made to proportionally allow for payments the seller has already made to government bodies during the period settlement occurs.
