Contract terms and key dates

Your contract of sale is the document that governs everything that happens between signing and settlement, and the key dates written into it are the deadlines you'll be held to. This guide walks through how a property contract is structured, which particulars are worth double-checking before you sign, and how the calendar of key dates fits together — so you know what to look for and when things are due. The specifics differ by state, so we point you to a dedicated explainer for New South Wales, Queensland and Victoria wherever the detail matters.

Key takeaways

• The particulars are the heart of the contract: parties, agent, deposit, price and the key dates all sit in one schedule — errors here cause the biggest downstream problems.
• Key dates are deadlines, not suggestions: in QLD and VIC time is "of the essence", and in NSW the settlement date firms up once a Notice to Complete is served — a day late can be a breach, not a rounding error.
• Most deadlines run in business days: weekends and public holidays quietly shorten the runway you think you have.
• Get the whole contract reviewed before you sign: the common failures are a wrong buyer entity, unclear deposit terms, and missing conditions for your situation.

1. What the contract particulars actually cover

Whatever your state calls it, the particulars are the summary schedule that records the deal-specific facts: who the buyer and seller are, the seller's agent, the deposit amount and when it's due, the purchase price (and whether GST is included), and the key dates. It's the part of the contract most likely to contain a simple but costly mistake — a misspelled name, the wrong entity as purchaser, or a deposit figure that doesn't match what you agreed. Because these details feed straight into your finance, your title and the transfer of ownership, an inaccuracy here can trigger processing delays, financing problems, or a dispute over ownership later. Read this section line by line and flag anything that looks off before you sign. For the full field-by-field checklist of what to verify, see 5 things to check on any property contract.

2. Where the details live in each state

Every state records much the same information, but each keeps it in a differently named part of its standard contract — the Particulars in NSW, the Reference Schedule in QLD, and the Particulars of Sale in VIC. Knowing what that section is called in your state makes it far easier to find and check the right details.

3. The key dates that make up the timeline

A contract runs on a sequence of deadlines. In broad terms the contract date starts the clock, a short cooling-off window (where it applies) comes first, your finance and building and pest dates fall over the following weeks, and settlement lands weeks after that. The exact lengths vary by state and by how you buy, but the shape is the same.

• Contract date: when signed counterparts are exchanged and the contract takes effect — most other deadlines are counted from here.
• Cooling-off end: where it applies, the short window to withdraw for a penalty (it doesn't apply at auction).
• Deposit due: the deposit (and any balance deposit) must be paid in the amount and by the time the contract sets, with written evidence for electronic payments.
• Finance date: where the contract is subject to finance, the deadline to have your loan approved or to notify the seller.
• Building and pest inspection date: where that condition applies, the deadline to complete inspections and act on the reports.
• Settlement date: the day ownership transfers and the balance of the price is paid.

How strict they are depends on your state. In Queensland and Victoria, standard contracts make these dates "time of the essence" — a day late can be a breach, not a rounding error. In NSW, the settlement date starts as a target that only becomes strict once a Notice to Complete is served — but condition deadlines like cooling-off expiry are hard deadlines everywhere. Two things catch buyers out: most condition deadlines are counted in business days, so weekends and public holidays shorten your real runway; and telling your own conveyancer isn't enough — where a condition requires notice, it has to reach the other side in writing before the deadline.

Miss a condition date and you usually lose the ability to walk away on that ground; miss settlement and you can face penalty interest or default. Dates can sometimes be extended, but only by agreement or a formal notice where the contract allows it — never assume. The finance and building and pest dates are conditions in their own right, covered in complying with contract conditions. The practical rule: diarise every date the moment you sign, and let your conveyancer track them and prepare any notices with you.

One more thing worth knowing about these dates: someone has to watch each one. Your conveyancer tracks and enforces the dates and serves any notices, your mortgage broker drives the finance deadline, and the agent passes messages between the parties. But the responsibility to have every date in your own calendar sits with you.

4. What to watch before you sign

• The wrong buyer entity: naming an individual when you meant a trust or company (or vice versa) is hard and expensive to unwind after exchange.
• Unclear deposit terms: ambiguity over how much is due, and by when, is a common source of dispute — and failing to pay on schedule can let the seller terminate and keep the deposit.
• Missing conditions: if your purchase depends on finance, a related sale settling at the same time, or foreign-ownership approval, the contract needs a condition to protect you.
• GST and tax wording: whether the price is GST-inclusive, and any withholding the contract requires, changes what you actually pay and remit — confirm the treatment with your legal representative and see the relevant state explainer for the current rules.
• Agent acknowledgement: some contracts ask you to confirm who introduced you to the property; getting this wrong can expose you to a second agent's commission.

5. Questions to ask before you sign

• Are the buyer's name and entity exactly correct, and is that the entity that will hold the title and the loan?
• What is the deposit, when is it due, and what happens if a payment is late?
• What is the settlement date, and is it realistic given my finance timeline?
• Which conditions (finance, building & pest, related sale) are in the contract, and what are their deadlines?
• Is the price GST-inclusive, and are there any withholding or tax obligations I need to plan for?
• Are there special conditions I should have added for my situation?