# 5 things to check on any property contract (and when to call your conveyancer) > **Reading time:** 8 min โ€ข **For:** Buyers about to sign a residential property contract โ€ข **State focus:** QLD, NSW & VIC 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 โ€” only the numbers and deadlines change. ## Quick links **๐ŸŸง QLD** - [REIQ: Forms and contracts](https://www.reiq.com/forms-and-contracts) - [Queensland Law Society: REIQ property contracts](https://www.qls.com.au/resource-centre/reiq-property-contracts) - [QLD Government: Seller disclosure scheme](https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/seller-disclosure-scheme) - [Property Law Act 2023 (QLD)](https://www.legislation.qld.gov.au/view/html/asmade/act-2023-031) - [QLS: Default interest rate](https://www.qls.com.au/resource-centre/interest-rates) **๐ŸŸฆ NSW** - [NSW Government: Buying property in NSW](https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw) - [NSW Law Society: Contract for the sale and purchase of land (DCS)](https://www.lawsociety.com.au/dcs-faq) **๐ŸŸช VIC** - [Consumer Affairs Victoria: Seek expert advice on property (Section 32)](https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/seek-expert-advice-on-property) - [Consumer Affairs Victoria: Buying property by private sale (cooling-off)](https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/buying-property-by-private-sale) ## 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 โ€”** Clause 6.1: **time is of the essence**. Miss it and you're in breach. - **VIC โ€”** 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 **5โ€“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 โ€”** QLS rate is **10.84% p.a.** (from 1 December 2025). Check the Schedule field hasn't been bumped above standard. - **VIC โ€”** Common rates are **10โ€“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 โ€” commonly around **10% p.a.**; check the rate hasn't been raised by special conditions. - **VIC.** Settlement is usually **30โ€“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 โ€” with your deposit back โ€” 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 โ€” 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 โ€” 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 ยท VIC 3 days
Building & pest
7โ€“14 days ยท โฐ 5pm
Finance
14โ€“21 days ยท โฐ 5pm
Settlement
~30 days default (60โ€“90 also common)
Contract date Day 7 Day 14 Day 21 Day 30 (settle)

โฐ QLD โ€” 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 โ€” 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 โ€” fixtures included, chattels not โ€” 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)

๐Ÿ”ฉ 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 โ†’ must be listed as Excluded.

๐Ÿ“ฆ 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 โ†’ list as Included.

โš ๏ธ Grey-zone: must list explicitly

โ˜€๏ธ Solar panels ๐ŸŠ Pool equipment ๐Ÿ’ง Rainwater tanks ๐Ÿ’ก Designer lights ๐Ÿค– Smart-home gear ๐Ÿชž 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 โ€” 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 โ€” 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 โ€” 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)

๐Ÿ“„ Reference Schedule (front page)
1 Purchase Price

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

2 Deposit + Stakeholder

5โ€“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 โ€” 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 โ†’**](https://contracts.zettle.com.au/free-review?utm_source=readiness-quiz&utm_medium=referral&utm_campaign=contract-review&utm_content=article-11-contract-checks) ## Sources - [REIQ: Forms and contracts](https://www.reiq.com/forms-and-contracts) - [REIQ: New seller disclosure regime in Queensland](https://www.reiq.com/articles/property-sales/new-seller-disclosure-regime-in-queensland) - [Queensland Law Society: REIQ property contracts](https://www.qls.com.au/resource-centre/reiq-property-contracts) - [Queensland Law Society: Default interest rate (10.84% from 1 Dec 2025)](https://www.qls.com.au/resource-centre/interest-rates) - [QLD Government: Seller disclosure scheme](https://www.qld.gov.au/law/housing-and-neighbours/buying-and-selling-a-property/seller-disclosure-scheme) - [QLD Government: Seller Disclosure Statement (Form 2)](https://www.publications.qld.gov.au/dataset/property-law-act-2023-forms/resource/7a1be178-d2d5-4744-9147-9699c04ee8d8) - [Property Law Act 2023 (Qld)](https://www.legislation.qld.gov.au/view/html/asmade/act-2023-031) - [Holding Redlich: Queensland's Property Law Act โ€” new seller disclosure requirements](https://www.holdingredlich.com/queensland-s-property-law-act-new-seller-disclosure-requirements-from-1-august-2025) - [NSW Government: Buying property in NSW](https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw) - [NSW Government: Conveyancing for property buyers and sellers](https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/conveyancing-for-property-buyers-and-sellers) - [NSW Law Society: Contract for the sale and purchase of land (DCS)](https://www.lawsociety.com.au/dcs-faq) - [Consumer Affairs Victoria: Seek expert advice on property (Section 32)](https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/seek-expert-advice-on-property) - [Consumer Affairs Victoria: Buying property by private sale (3-day cooling-off)](https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/buying-property-by-private-sale) - [Consumer Affairs Victoria: Property settlement](https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/property-settlement)