Finding the right property can be exciting. Once a buyer decides to make an offer, however, the transaction can move very quickly.

It is common for buyers to focus on the purchase price, settlement date and whether their finance is approved.

But a Queensland property contract can create significant legal obligations from the moment it is signed.

Ideally, a buyer should have the proposed contract reviewed before signing it.

That provides an opportunity to identify unusual terms, ensure appropriate conditions are included and understand exactly what the buyer is agreeing to.

1. Review the Contract Before You Sign

A contract for the purchase of property is a legally binding document.

Before signing, a buyer should understand matters including:

• the correct names of the buyers;
• purchase price;
• deposit;
• settlement date;
• finance condition;
• building and pest condition;
• inclusions and exclusions;
• title details;
• any special conditions;
• seller disclosure information;
• whether the property is tenanted;
• body corporate issues, if applicable; and
• any other terms particular to the transaction.

Standard-form contracts are widely used in Queensland, but that does not mean every contract is identical or that every standard provision will suit every buyer.

Special conditions can materially change a buyer's rights.

2. Check Who Should Be the Buyer

Before signing, make sure the correct purchasing entity is named.

The purchaser might be:

• an individual;
• two or more individuals;
• a company; or
• a trustee purchasing property for a trust.

This should be considered before the contract is executed, particularly where a company or trust structure is contemplated.

Changing the buyer after signing is not always simply a matter of replacing one name with another. It can have legal, financing and transfer duty consequences.

If a property is being acquired through a company or trust, legal and accounting advice should ideally be coordinated before the contract is signed.

3. Queensland's Seller Disclosure Scheme

Queensland introduced a mandatory statutory seller disclosure scheme on 1 August 2025 under the Property Law Act 2023 (Qld).

For transactions caught by the scheme, the seller must provide the buyer with the prescribed disclosure statement and applicable prescribed certificates before the buyer signs the contract.

The scheme applies broadly to sales of residential properties, including houses, townhouses and units, as well as commercial property and vacant land, subject to statutory exceptions.

The disclosure material can contain important information about the property.

However, buyers should not mistake seller disclosure for comprehensive due diligence.

4. Seller Disclosure Does Not Replace Your Own Searches

The introduction of mandatory seller disclosure does not mean a buyer no longer needs to investigate the property.

Depending on the property and transaction, searches and enquiries may still be appropriate concerning matters such as:

• title;
• registered easements;
• covenants;
• council records;
• planning;
• flooding;
• building approvals;
• rates and water;
• body corporate records;
• land tax;
• contamination or environmental matters; and
• other matters relevant to the property.

The searches appropriate for one property may be quite different from those required for another.

For example, buying a detached residential house presents different considerations from buying an apartment in a large body corporate scheme or acquiring commercial premises.

5. Check the Title

A title search confirms important information about the registered title to the land.

It can identify matters such as:

• the registered owner;
• the lot and plan;
• registered mortgages;
• easements;
• covenants; and
• other registered interests.

An easement might, for example, give another person or authority rights over part of the property.

A covenant may restrict how land can be used or developed.

The existence of an easement or covenant does not necessarily mean the property should not be purchased. It does mean the buyer should understand its effect before becoming committed.

6. Understand the Deposit

The contract will ordinarily specify:

• the amount of the deposit;
• when it must be paid;
• who will hold it; and
• whether it is payable in one or more instalments.

A deposit is not simply a reservation fee.

Once the contract becomes binding, failure to pay the deposit when required can potentially have serious contractual consequences.

Buyers should make sure they can comply with the payment deadlines in the contract.

7. Subject to Finance

Many residential property contracts are made subject to finance.

A finance condition will generally specify matters such as:

• the amount of finance required;
• the financier or type of financier;
• the finance date; and
• any other contractual requirements.

A buyer should not assume that merely submitting a loan application is enough.

The buyer needs to understand what the particular finance clause requires and ensure the necessary steps are taken before the finance date.

Pre-approval is not necessarily final approval

A lender's pre-approval can be useful, but it should not automatically be treated as unconditional approval for a particular property.

The lender may still need to:

• value the property;
• verify financial information;
• assess the particular transaction; and
• satisfy other lending requirements.

If finance has not been approved by the contractual finance date, obtain legal advice promptly about the available options and the notice requirements under the contract.

8. Building and Pest Conditions

A building and pest condition gives a buyer an opportunity to obtain appropriate inspections within the timeframe specified by the contract.

A building inspection may identify matters such as:

• structural issues;
• water damage;
• deterioration;
• defects;
• maintenance problems; and
• other building concerns.

A pest inspection may identify termites or other timber pest activity and associated damage.

The precise contractual rights arising from an unsatisfactory report depend on the wording of the contract and the circumstances.

A buyer should not assume that any defect automatically gives them a right to terminate the contract.

If a report identifies a significant problem, obtain advice before the relevant deadline.

9. Do Not Miss Contract Dates

Queensland conveyancing transactions involve important dates.

These can include:

• deposit due date;
• finance date;
• building and pest date;
• due diligence date, where applicable;
• other special-condition dates; and
• settlement date.

Missing a contractual deadline can affect a buyer's rights.

Once the contract is signed, note the important dates immediately and respond promptly to requests from your solicitor, lender and inspectors.

10. The Cooling-Off Period

Most contracts for the sale of residential property in Queensland have a statutory 5-business-day cooling-off period for the buyer.

The period generally begins on the day the buyer receives a copy of the contract signed by both parties and ends at 5pm on the fifth business day.

There are exceptions.

For example, the statutory cooling-off period does not apply to a sale by auction, and there are other exempt transactions.

A buyer who terminates during the statutory cooling-off period may also be liable for the statutory termination penalty.

For that reason, the cooling-off period should not be regarded as a substitute for having the contract reviewed before signing.

11. Arrange Insurance Promptly

One feature of Queensland property transactions that can surprise interstate buyers is when risk passes.

Queensland Government guidance states that, in most cases, a buyer becomes responsible for the property from 5pm on the next business day after the contract date, well before settlement.

Accordingly, buyers should consider arranging appropriate building insurance immediately after signing rather than waiting until settlement.

A lender may also require evidence of insurance before advancing funds.

Different considerations can apply to units and community titles schemes because the body corporate will generally insure common property and relevant building components.

12. Understand What Is Included in the Sale

The contract should make clear what fixtures and chattels are included or excluded.

Potential issues can arise with items such as:

• dishwashers;
• wall-mounted televisions;
• pool equipment;
• security systems;
• solar systems;
• curtains and blinds;
• outdoor equipment;
• refrigerators;
• furniture; and
• other items at the property.

If there is something you specifically expect to remain at the property, make sure the contractual position is clear.

Do not rely solely on photographs in the online listing or assumptions arising from an inspection.

13. Buying a Unit or Apartment

Buying an apartment or townhouse involves additional considerations because the property will usually form part of a community titles scheme.

A buyer should consider matters such as:

• body corporate levies;
• sinking fund position;
• administrative fund;
• insurance;
• by-laws;
• exclusive-use areas;
• proposed major expenditure;
• body corporate records;
• maintenance issues; and
• other matters affecting the scheme.

A low purchase price can become considerably less attractive if the body corporate is facing substantial building works or special levies.

The seller disclosure regime provides buyers with certain information, but appropriate body corporate investigations remain important.

We'll deal with this separately in our upcoming article Buying a Unit or Apartment in Queensland: Body Corporate and Disclosure Issues.

14. Consider Flooding and Other Property-Specific Risks

Gold Coast and Queensland properties can have very different physical and planning characteristics.

Depending on the location, buyers may wish to investigate matters such as:

• flood mapping;
• overland flow;
• coastal hazards;
• bushfire overlays;
• planning constraints;
• easements;
• proposed road infrastructure; and
• development approvals.

The appropriate enquiries depend on the property.

A buyer intending to renovate, extend, redevelop or construct additional improvements should be particularly careful not to assume that their proposed use will automatically be permitted.

15. Building Approvals and Improvements

A visually impressive renovation does not necessarily mean every structure has appropriate approval.

Depending on the property, buyers may wish to investigate approval issues concerning:

• extensions;
• decks;
• patios;
• swimming pools;
• sheds;
• retaining walls;
• secondary dwellings; and
• other improvements.

If a particular improvement is important to your decision to purchase, raise it with your solicitor before the contract becomes unconditional.

16. Transfer Duty

Buyers of Queensland property will generally need to consider transfer duty, historically called stamp duty.

Queensland Revenue Office confirms that transfer duty applies to transactions including contracts to acquire property, and the buyer is ordinarily responsible for paying it.

The amount depends on factors including:

• the property's dutiable value;
• whether it will be the buyer's home or an investment;
• whether the buyer qualifies for a concession;
• whether the buyer is a first home buyer; and
• in some cases, the buyer's residency status.

The dutiable value is generally the higher of the consideration paid and the property's unencumbered value.

17. Home and First Home Buyer Concessions

Queensland has several transfer duty concessions, but eligibility requirements differ.

As at September 2026, an eligible first home buyer purchasing an established home can receive a full first-home concession where the home's value is $700,000 or less, with the additional first-home concession tapering up to $800,000.

For eligible contracts entered into from 1 May 2025, a first home buyer acquiring a qualifying new home may receive a full transfer duty concession with no value cap applying to the residential home component.

There were also eligibility changes from 1 August 2026, including citizenship/residency requirements for Queensland home concessions.

Because duty rules and concessions change, buyers should check their individual eligibility rather than relying on what a friend or family member paid on an earlier purchase.

18. Foreign Buyers Have Additional Considerations

Foreign purchasers may have additional legal, taxation and approval requirements.

Queensland's additional foreign acquirer duty (AFAD) can apply in addition to ordinary transfer duty to relevant acquisitions of residential land by foreign persons. The current Queensland surcharge is 8%.

Federal foreign investment requirements may also need to be considered.

Foreign purchasers should obtain advice before signing a contract because the consequences can be substantial and may depend on the purchaser and property.

19. What Happens Between Contract and Settlement?

Once the contract is signed, the conveyancing process begins.

Depending on the transaction, this can involve:

• reviewing the contract and disclosure documents;
• conducting searches;
• satisfying finance;
• arranging building and pest inspections;
• liaising with the lender;
• calculating transfer duty;
• preparing transfer documentation;
• checking title;
• dealing with contractual conditions;
• preparing settlement adjustments; and
• arranging electronic settlement.

Your solicitor will also communicate with the seller's solicitor and your lender to prepare the transaction for settlement.

20. What Are Settlement Adjustments?

At settlement, amounts associated with the property may need to be apportioned between the buyer and seller.

Depending on the transaction, adjustments can involve matters such as:

• council rates;
• water charges;
• body corporate levies;
• rent, if the property is tenanted; and
• other relevant amounts.

The objective is generally to allocate the relevant expense or income between the parties according to their respective periods of ownership or contractual responsibility.

The calculations form part of the final settlement figures.

21. Electronic Settlement

Most Queensland conveyancing settlements are completed electronically.

The parties' legal representatives and financial institutions coordinate the transfer of funds and title through the electronic settlement system.

On settlement, funds are distributed as required, the transfer is lodged and the seller's mortgage can be discharged as part of the transaction where applicable.

Your solicitor will confirm when settlement has completed.

22. Final Inspection

A buyer will ordinarily arrange a final inspection shortly before settlement.

This gives the buyer an opportunity to check matters such as whether:

• the property is in the expected condition;
• included fixtures and chattels remain;
• the seller has vacated where required; and
• agreed work has been completed.

If a problem is identified, contact your solicitor promptly.

Do not simply assume settlement can be delayed or money withheld without considering the contractual position.

23. When Do You Get the Keys?

Keys are usually released once settlement has been completed and the seller's agent has authority to hand them over.

This may occur through the real estate agent rather than the solicitors.

Buyers should avoid arranging removalists on the assumption that settlement will occur at a particular minute of the day.

Although most settlements proceed as scheduled, delays can occur.

Common Mistakes Buyers Can Avoid

Some problems arise simply because legal advice is obtained too late.

Common examples include:

• signing before having the contract reviewed;
• assuming finance pre-approval is unconditional;
• missing finance or building and pest dates;
• assuming seller disclosure replaces searches;
• failing to investigate body corporate records;
• nominating the wrong purchasing entity;
• overlooking easements or covenants;
• failing to arrange insurance promptly;
• assuming renovations have approvals;
• relying on representations not recorded in the contract; and
• underestimating transfer duty and other purchasing costs.

A property transaction is easier to structure before the contract is signed than after the buyer is already bound.

Before You Sign a Queensland Property Contract

Before signing, ask:

Is the purchaser named correctly?

Have I had the contract reviewed?

Have I received the required seller disclosure documents?

Do I need a finance condition?

Do I need building and pest conditions?

Are there any special conditions?

What searches should I undertake?

Have I checked the title?

Are there easements or covenants?

If it is a unit, have I considered the body corporate?

What transfer duty will I need to pay?

Do I qualify for a concession?

When do I need insurance?

What is included in the sale?

When is settlement?

Knowing the answers before signing can prevent unpleasant surprises later.