A Queensland property purchase runs on dates. The contract is short, but a handful of clauses carry almost all of the risk — and every one of them is tied to a deadline that is enforced strictly.
Before you sign
The best time to call us is before signature, not after. A contract review takes far less than fixing a term you are already bound by. We read the contract against what you actually intend to do with the property, and we tell you which clauses would cost you money.
Under the seller disclosure regime, a seller of freehold residential land must give the buyer a disclosure statement and prescribed certificates before the buyer signs. If that does not happen, or the statement is materially inaccurate or incomplete, the buyer may have a right to terminate at any time before settlement.
The dates that carry the risk
- Cooling off — residential buyers generally have five business days, ending 5pm on the fifth day, with a penalty of 0.25% of the purchase price. It can be shortened or waived in writing, and it does not apply to property bought at auction.
- Finance — unconditional written approval must be in hand by the finance date. Pre-approval is not approval. If the lender will not be ready, ask for an extension in writing before the date passes.
- Building and pest — book the inspection the day the contract is signed. If the report is unsatisfactory you must give written notice by the due date; a phone call to the agent is not notice.
- Settlement — time is of the essence. Missing it without an agreed extension can expose you to interest, termination and the loss of your deposit.
Searches
Between contract and settlement we order the searches that reveal what the contract does not: title and encumbrances, rates and water, land tax, body corporate records for a unit, transport and planning proposals, and where relevant flood and contamination. This is the stage where problems surface while you can still act on them.
Other property work
- Transfers between family members, and transfers into or out of a trust or company
- Off-the-plan and unit purchases, including body corporate disclosure
- Commercial and retail leases — see also our commercial page
- Residential tenancy disputes
- Caveats and disputes about who holds an interest in the land
Costs and duty
We set out our fee in writing before we start, separately from disbursements — searches, registration and transfer duty are paid on your behalf and are not part of the professional fee. If you are eligible for a first home concession, the claim is made as part of the duty assessment rather than afterwards.
The one rule worth remembering
Every right in the contract is tied to a date, and almost every date requires written notice to preserve the right. If a deadline is approaching and you are not ready, the answer is a written extension request — never silence.
General information only. This page describes the law in general terms and is not legal advice for your situation. Time limits are strict and the law changes. Call BNE Lawyers on 0423 007 888 to discuss your own circumstances in English or Vietnamese.