By Argon Law Head Conveyancer, Charissa Pascoe
Buying a property can be one of the biggest decisions you’ll ever make, bringing with it significant financial and legal commitments. In Queensland, the contract becomes binding upon signing (subject to any conditions), and so proper due diligence and preparation is essential before you make an offer.
This practical guide walks you through the key conveyancing considerations to protect your position and provides a checklist to help avoid costly surprises down the track.
Unlike in other states, once you sign a contract to purchase a property, your rights are largely locked in and strictly governed by the contract terms and relevant legislation.
Taking the time to prepare beforehand can:
Before making an offer, it’s important to:
Remember that pre-approval is not the same as formal approval. Always include a finance condition which provides you with enough time for your lender to complete their checks.
You should also confirm:
Paying the deposit late is a serious matter. This can place you in breach of contract, which may allow the seller to terminate the purchase entirely and keep your deposit. You may even be liable for the seller’s costs.
Most residential contracts include a building and pest condition. Before signing your purchase contract, consider:
These clauses give you some protection, including limited rights to terminate or renegotiate, but these timeframes are often minimal. Take the time to review the time you’ll need and get the wording right.
You may also wish to consider including a more comprehensive Due Diligence special condition in the Contract, providing a broader right to terminate if your enquiries or investigations are unsatisfactory. This may offer greater flexibility than the standard contractual conditions.
Under the Property Law Act 2023 (Qld), sellers must provide a Seller Disclosure Statement and prescribed certificates before you sign the contract.
This should be carefully reviewed before signing for:
If the disclosure is incomplete or inaccurate, statutory termination rights may arise. It is recommended to undertake searches and enquiries as soon as possible to determine the accuracy of the Form 2 and establish any potential termination rights.
Common buyer conditions include:
These must be properly drafted and appropriate timeframes negotiated before signing. Once the contract becomes unconditional, your ability to exit is significantly limited.
Transfer duty is payable under the Duties Act 2001 (Qld).
Duty is generally payable within 30 days of the contract becoming unconditional. Our team can assist you in assessing your eligibility for any available concessions and address any questions you may have.
If you are a foreign purchaser, under the Foreign Acquisitions and Takeovers Act 1975 (Cth), you may need approval from the Foreign Investment Review Board (FIRB).
If required:
It is extremely important that you consider this before entering a contract, as significant financial penalties may apply if approval is required and not obtained.
Under the Land Title Act 1994 (Qld) and Land Registry Requirements, all purchasers must complete Verification of Identity (VOI) before settlement.
You should confirm:
Completing VOI early helps avoid delays at settlement.
In Queensland, the risk usually passes to the buyer at 5:00 pm on the first business day after the contract date (unless the contract provides otherwise).
You should arrange building insurance immediately after signing the contract or include a special condition to reverse the risk until settlement.
If buying a unit or townhouse, you should:
This is typically done under a body corporate records inspection condition.
You may wish to investigate:
Local government searches and planning certificates can assist in assessing risk.
If the property is leased:
Consider whether the standard settlement period suits your needs, including:
Taking the time to understand these elements before signing a contract can make a significant difference to your outcome. Conveyancing is not just administrative; it’s about protecting your legal and financial position from the outset.
Seeking legal advice before signing ensures your contract reflects your circumstances and safeguards your interests. Please contact the Property and Conveyancing team at Argon Law. We would be happy to assist you with your matter.
A: A contract becomes binding once it is signed by both parties, subject to any conditions included in the contract.
A: No. Pre-approval is not a guarantee of finance. You should include a finance condition in the contract with sufficient time for formal approval.
A: You may be in breach of contract, which can lead to serious legal and financial consequences. The seller may be entitled to terminate the contract, in which case you could forfeit the deposit, lose the property, and potentially be liable for the seller’s costs.
A: It depends on the conditions in your contract and any statutory rights (such as issues with the Seller Disclosure Statement). Once the contract goes unconditional, your options become very limited. This is why getting legal advice before or immediately after signing is so important to ensure your rights and know your options.
A: You should arrange building insurance immediately after signing the contract, as risk may pass to you shortly after. You also have the option to reverse the risk when drafting the contract, by adding a special condition.
A: Yes. It contains important information about the property and reviewing it before signing is essential to understanding any risks.
A: Absolutely. Obtaining legal advice before signing helps ensure your contract is structured correctly and your interests are protected.
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