You don't need a law degree. Most of the contract is boilerplate, but a handful of fields decide whether you keep your deposit, get finance through, and get the fridge you were promised.

The standard form differs by state: QLD uses the REIQ contract (1st edition from 1 August 2025), NSW uses the Law Society / REINSW Contract for the Sale and Purchase of Land, and VIC mainly uses the LIV / REIV Contract of Sale of Land with a mandatory Section 32 Vendor's Statement. The five checks apply to all three — only the numbers and deadlines change.

Quick links

🟧 QLD

🟦 NSW

🟪 VIC

Check 1: Price and deposit

The variables live in the Reference Schedule on the front page.

  • Purchase price. Cross-check against the agent's offer email. Typos happen.
  • Deposit amount. Usually 5% or 10% (QLD legal max is 10%). Sometimes split into initial and balance.
  • When it's due.
    • QLD — Clause 6.1: time is of the essence. Miss it and you're in breach.
    • VIC — Refer to the contract particulars and general + special conditions. Normally the condition will expire and no longer apply if not extended/satisfied before the due date, but this is not always the case.
  • Who holds it. A licensed agent's or solicitor's trust account. Never the seller direct.

If the deposit field is blank (where the contract contains a deposit holder field) or the holder isn't a law firm or licensed agent, call the agent to clarify and call your conveyancer if you have further questions.

NSW and VIC: deposit specifics

  • NSW. Initial deposit on exchange is usually 0.25% (if cooling-off rights apply) with the 10% balance due at the end of cooling-off, or the full 10% on exchange if cooling-off is waived (s 66W certificate). Deposit is held by the vendor's agent or solicitor in trust.
  • VIC. Deposit is typically 5–10%. For off-the-plan, the deposit must not exceed 10% of the price. Held by the estate agent or vendor's legal practitioner in a trust account.

Check 2: Settlement date

Settlement is the day you pay the balance and get the keys.

  • Default is 30 days from contract, though 60 or 90 is common.
  • Work backwards. Does finance and building and pest fit? 30 days settlement with 21-day finance is tight but workable. Shorter? Push back.
  • Late settlement penalty. The seller can charge default interest on the unpaid balance:
    • QLD — QLS rate is 10.84% p.a. (from 1 December 2025). Check the Schedule field hasn't been bumped above standard.
    • VIC — Common rates are 10–14%, however refer to the contract general and special conditions as the rate is often amended.

NSW and VIC: settlement specifics

  • NSW. Settlement is usually 42 days (6 weeks) from exchange, though 30, 60, and 90-day settlements are negotiable. Late settlement triggers a penalty interest rate stated in the contract — commonly around 10% p.a.; check the rate hasn't been raised by special conditions.
  • VIC. Settlement is usually 30–90 days from the day of sale, set in the Particulars of Sale. Default interest is set in the General Conditions of the contract and often amended by the special conditions.

Check 3: Conditions (finance, B&P, special)

Conditions are what get you out — with your deposit back — if something goes wrong.

Finance. The Schedule needs three fields: Finance Amount, Financier, Finance Date. Any blank = contract not subject to finance. Standard period is 14 or 21 days.

Building and pest. Standard period is 7 to 14 days. By 5pm on the inspection date, give the seller written notice. Miss it and normally the condition is taken as satisfied — however please refer to the general and special conditions for each party's rights.

Cooling-off (QLD). QLD gives 5 business days after signing (private treaty only, not auctions). Terminate and you forfeit 0.25% of the price.

Cooling-off (NSW). 5 business days from exchange of contracts (private treaty only, not auctions or sales on the same day as a passed-in auction). Forfeit is 0.25% of the purchase price. Can be waived by a s 66W certificate signed by your solicitor or conveyancer.

Cooling-off (VIC). 3 clear business days from when you (the buyer) sign (private sale only). Forfeit is $100 or 0.2% of the price, whichever is greater. No cooling-off if you buy at auction, on the same day as a passed-in auction, within 3 clear business days before or after a public auction, you are an estate agent or a corporate body, or for some commercial/industrial/farming property.

Finance and B&P (NSW/VIC). Not standard built-in conditions in NSW — your solicitor or conveyancer must add them as special conditions. Ask in writing before signing. Most VIC contracts have finance and building/pest conditions that can be marked as applicable if required.

Special conditions. Sellers sometimes add their own ("subject to seller finding a new home"). Read every one twice. Call your conveyancer if anything is unclear.

Deadlines

Conditions timeline (every deadline ends at 5pm)

Cooling-off
QLD 5 days · VIC 3 days
Building & pest
7–14 days · ⏰ 5pm
Finance
14–21 days · ⏰ 5pm
Settlement
~30 days default (60–90 also common)
Contract date Day 7 Day 14 Day 21 Day 30 (settle)

⏰ QLD — time is of the essence (clause 6.1). Miss 5pm and the condition is treated as satisfied. You lose the right to terminate.

Check 4: Inclusions and exclusions

The Reference Schedule has an Included Chattels / Excluded Fixtures section. Things go missing here.

  • Fixtures (attached) are included by default: built-in ovens, ceiling fans, hot water system. Seller wants to take one? Must be listed as Excluded.
  • Chattels (movable) are not included by default: fridge, washing machine, curtains. Promised one? List as Included.

Grey zone — solar panels, pool gear, rainwater tanks, light fittings, smart-home gear: if you saw it and want it, list it.

NSW and VIC: where inclusions live

  • NSW. Inclusions are listed in the front-page Schedule of the Contract for the Sale and Purchase of Land. Same default rule — fixtures included, chattels not — list anything you want in writing.
  • VIC. Inclusions/exclusions are recorded in the Particulars of Sale at the front of the contract (and cross-referenced in the Section 32). Same default rule applies.
Matrix

Fixtures vs chattels (what's included by default)

🔩 Fixtures (attached)

Default: INCLUDED

  • Built-in oven, cooktop, rangehood
  • Ceiling fans, light fittings
  • Hot water system
  • Air conditioner (split system)
  • Built-in wardrobes

If the seller wants to take one → must be listed as Excluded.

📦 Chattels (movable)

Default: NOT INCLUDED

  • Free-standing fridge / dishwasher
  • Washing machine, dryer
  • Curtains, blinds, rugs
  • Outdoor furniture, BBQ
  • TV, brackets

If you've been promised one → list as Included.

⚠️ Grey-zone: must list explicitly

☀️ Solar panels 🏊 Pool equipment 💧 Rainwater tanks 💡 Designer lights 🤖 Smart-home gear 🪞 Bathroom mirrors

"It was there when I inspected" doesn't hold up at settlement. If you saw it and want it, list it.

Check 5: Unusual clauses and disclosures

The standard form is mostly safe. Special conditions catch buyers out:

  • Sunset clauses (off-the-plan): developer can terminate if not finished by a date.
  • Subject-to-sale. Seller can pull out if their home doesn't sell.
  • Tenancy disclosures. Annexure should attach tenant details (start, end, bond, rent).
  • Easements, encumbrances, caveats. Registered interests on title.
  • Body corporate certificate (QLD/VIC) disclosing matters relating to body corporate.
  • Pool safety certificate if there's a pool.

Seller disclosure: QLD

Since 1 August 2025, the Property Law Act 2023 (Qld) requires sellers to give you a Form 2 Seller Disclosure Statement and prescribed certificates before you sign. Form 2 covers title and encumbrances, planning and zoning, contamination notices, pool safety, rates and water, and body corporate details.

If Form 2 is missing before signing or materially inaccurate, you can terminate any time before settlement and get your deposit back.

Sellers are not required to disclose structural soundness, flooding history, or past building approvals — that's your job (building and pest, council searches, flood reports).

Seller disclosure: NSW

NSW has no single "Form 2" equivalent. The Conveyancing (Sale of Land) Regulation 2022 requires the vendor to attach prescribed documents to the contract before signing: current title search, deposited plan / strata plan, drainage diagram, and planning certificate (s 10.7). If something material is missing or wrong, you may have a right to rescind within 14 days after exchange (s 52A). Your solicitor checks these.

Seller disclosure: VIC — Section 32 Vendor's Statement (mandatory)

Before you sign in Victoria, the vendor must give you a Section 32 statement under the Sale of Land Act 1962. It must include: title details, mortgages, covenants, easements, zoning and planning info, outgoings (council rates, water, owners corporation fees), services connected, owners corporation certificate (if strata), building permits issued in the last 7 years, and any notices affecting the property.

If the Section 32 is missing, inaccurate, or incomplete on something material, you may be able to withdraw from the sale or take legal action. Always have it reviewed by a conveyancer or solicitor before signing.

It does not cover building condition, regulatory compliance, or the accuracy of title measurements — that's still your job (building and pest, due diligence checklist).

What's on the title

Your conveyancer pulls a title search with land registry to confirm the seller is the registered owner and surface any mortgages, easements, covenants or caveats. Conveyancers verify this information independently during the settlement preparation process despite it being provided by the sellers in the sale documents.

  • QLD. Title search is done through Titles Queensland and is one of the prescribed documents attached to the Form 2.
  • NSW. Title search is done through NSW Land Registry Services (NSW LRS) and is one of the prescribed documents attached to the contract.
  • VIC. Title search is done through Landata and is attached to the Section 32 Vendor's Statement.

When to push back, when to walk, when to call

Push back when: settlement is too tight for finance + B&P; promised inclusions aren't listed; default interest is above common range; finance or B&P period is under 14 days.

Walk when: the seller won't negotiate; disclosure or prescribed documents are missing, or materially wrong; the title shows a caveat that the seller cannot provide information on.

Call your conveyancer when: you don't understand a special condition; disclosure documents surprise you; the agent is pressuring you to sign before review.

A 30-minute review before signing is worth more than a week of cleanup after.

Map

Contract anatomy (where each check lives)

📄 Reference Schedule (front page)
1 Purchase Price

Cross-check vs the agent's offer email. Typos happen on big numbers.

2 Deposit + Stakeholder

5–10% max. Held in a licensed agent's or law firm's trust account. Never the seller direct.

3 Settlement Date

Default 30 days. Work backward. Does finance + B&P fit comfortably?

4 Finance + B&P dates

Blank Finance Amount, Financier, or Finance Date = contract not subject to finance.

5 Included Chattels / Excluded Fixtures

List every grey-zone item explicitly. Free-standing appliances, solar, pool gear, designer lights.

6 QLD — Form 2 attachment

Seller's disclosure statement + prescribed certificates. Mandatory before signing since 1 Aug 2025.

A 30-minute review before signing is worth more than a week of cleanup after.

What's next

This is general info, not legal advice. Every contract is different, and one missed clause can cost thousands.

Zettle offers a free contract review worth $275. Our experienced property lawyers read your contract, flag the risks, and tell you what to negotiate before you sign.

Get your free contract review →

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