Signing a Property Contract in Queensland is a serious legal step. Whether you are purchasing your first home in Brisbane, selling an investment property on the Gold Coast, or entering a commercial transaction on the Sunshine Coast, understanding the terms of your Property Contract can protect you from costly disputes and unexpected liabilities.
A Property Contract is a legally binding written agreement between a buyer and seller. Once signed by both parties, it sets out the agreed price, deposit amount, settlement date, and any special conditions. In Queensland, contracts for the sale of land must comply with the Property Law Act 1974 and title transfers are completed under the Land Title Act 1994.
Key Terms You Must Understand
Deposit and Finance Conditions
Most Property Contract agreements include a finance clause, usually allowing 14-21 days for loan approval. If finance is not approved and proper notice is not given, the buyer risks losing the deposit.
Building and Pest Conditions
This clause allows buyers to conduct inspections within a specified timeframe. If major defects are discovered, buyers may negotiate repairs or terminate the contract under the agreed terms.
Cooling-Off Period
Queensland residential buyers typically receive a five-business-day cooling-off period. If terminated during this time, the seller may retain 0.25% of the purchase price.
Settlement Date
Settlement is when ownership officially transfers. Missing deadlines can result in penalty interest or legal consequences.
Seller Disclosure Changes (From 1 August 2025)
Under reforms introduced by the Property Law Act 2023, sellers must provide mandatory disclosure documents before a Property Contract is signed. If disclosure is missing or inaccurate, buyers may have rights to terminate before settlement.
Why Legal Review Is Essential
A standard Property Contract may contain clauses that:
Restrict your ability to exit
Create financial penalties
Expose you to hidden encumbrances
Impose unexpected post-settlement obligations
At Aylward Game Solicitors, founding partner Mark Game is an Accredited Specialist in property and commercial law. With decades of experience, he advises buyers, sellers, developers, and investors across Queensland.
Obtaining independent legal advice before signing ensures your Property Contract aligns with your interests and complies with current legislation.
Frequently Asked Questions (FAQs)
1. What is a Property Contract?
A legally binding agreement outlining the terms of a property sale.
2. Who prepares the Property Contract?
Usually the seller’s solicitor or real estate agent.
3. Can I cancel a Property Contract?
Yes, during cooling-off or if conditions are not satisfied.
4. How long is settlement in Queensland?
Commonly 30 days, unless otherwise agreed.
5. Do buyers pay stamp duty?
Yes, under Queensland law, buyers are responsible.
6. What is seller disclosure?
Mandatory documents sellers must provide before signing.
7. What happens if finance is declined?
You may terminate if proper notice is given.
8. Should I get a contract review before signing?
Yes, independent legal advice is strongly recommended.
Contact Aylward Game Solicitors
Call: 07 3236 0001
Email: mail@aylwardgame.com.au
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