What are Key Clauses in a Queensland Contract of Sale? | What should I pay close attention to?
The key clauses in a Queensland Contract of Sale include the purchase price and deposit details, finance approval dates, building and pest inspection conditions, settlement date, what stays with the property, and any special conditions unique to your situation.
Knowing what each clause means helps you avoid surprises and keeps everyone clear about their rights and responsibilities from the day you sign until settlement. It is always wise to have your conveyancer explain each part so you feel comfortable and confident before agreeing to anything.
What Is a Contract of Sale in Queensland?
In Queensland, a Contract of Sale is a formal written agreement between a seller and buyer that outlines the terms and conditions of a property sale. Most residential property transactions use the REIQ (Real Estate Institute of Queensland) Contract, which is widely recognised and standardised across the industry.
This contract becomes legally binding once both parties have signed and the buyer has received a copy of the fully executed agreement.
Key Inclusions in a Standard Contract of Sale
Here’s what’s typically included in a Queensland Contract of Sale:
1. Property Details
- Legal property description (lot and plan number)
- Street address
- Title reference and tenures
- Fixtures and inclusions (e.g. ceiling fans, dishwasher)
2. Parties to the Contract
- Full names and addresses of both buyer and seller
- Identification of legal representatives (solicitors or conveyancers)
3. Purchase Price and Deposit
- Agreed sale price
- Deposit amount (usually 5–10% of the sale price)
- When and how the deposit must be paid
4. Settlement Date
- The agreed date the property title officially transfers to the buyer
- Usually 30 to 60 days after contract signing, but negotiable
5. Finance Clause
- Indicates whether the buyer’s offer is subject to finance
- Timeframe for the buyer to obtain formal loan approval
6. Building and Pest Inspections
- Indicates whether the contract is subject to satisfactory inspections
- Buyer’s timeframe to carry out inspections and withdraw if unsatisfied
7. Special Conditions
- Additional clauses negotiated by the parties (e.g. early access, inclusion of specific furniture, delayed settlement)
8. Inclusions and Exclusions
- Clarifies which fixtures and fittings will remain with the property
- Common inclusions: air conditioners, curtains, light fittings, pool equipment
9. Tenancy Details (if applicable)
- Lease terms and rental agreements for investment properties
- Whether the property is sold with vacant possession or subject to lease
10. Cooling-Off Period
- Buyers are typically entitled to a 5-business-day cooling-off period after contract signing, with financial penalties if they withdraw
Clauses You Should Pay Close Attention To as a Seller
As the vendor, you must carefully review these clauses to ensure your interests are protected:
✅ Finance Clause – If the buyer fails to obtain finance, they may be able to terminate the contract. Consider setting a firm deadline and requiring written evidence of attempts to secure finance.
✅ Building and Pest Inspection Clause – This clause enables buyers to withdraw if issues are identified during the inspection. To stay ahead, consider obtaining a pre-sale inspection to address concerns early and reduce renegotiation risk.
✅ Special Conditions – Never overlook the fine print. Special conditions can override standard clauses and may include requests for extended settlement, early possession, or repairs.
✅ Settlement Period – If you’re also buying a new home, align settlement dates to avoid temporary accommodation or costly bridging finance.
✅ Inclusions and Exclusions – Be explicit. Misunderstandings over what stays or goes can lead to disputes or even legal action. If you intend to take an appliance or light fitting, specify it clearly.
✅ Default and Termination Clauses – Understand the financial and legal implications if either party defaults. These clauses cover interest charges, forfeiture of deposits, and potential legal claims.
✅ Deposit information – Understand the consequences of exceeding a 10% deposit.
💡 Seller Tip: Always Have Your Contract Reviewed
It’s strongly recommended that you have your real estate agent and solicitor review the contract before listing your property or accepting any offers. Mistakes or oversights can delay settlement or derail the sale entirely.
Frequently Asked Questions (FAQs)
Q: Can I change the standard clauses in the REIQ contract?
Yes. You can negotiate and include special conditions, but they must be clearly written and agreed to by both parties.
Q: Do I need a lawyer to sell my home on the Gold Coast?
Yes, the best advice is to make use of a qualified conveyancer or property solicitor to prepare or review the Contract of Sale and manage the legal transfer of title.
Q: What happens if a buyer wants to renegotiate after signing the contract?
They can only do so under specific clauses (e.g., finance or inspection). Outside these conditions, they may face penalties for breaching the contract.
Q: Can I accept backup offers while under contract?
Yes, you can accept backup offers, but they’ll only come into effect if the first contract falls through. Always consult your agent for best practices.
Selling Your Property on the Gold Coast? Let’s Talk.
Understanding the Contract of Sale is key to a smooth, successful property transaction. If you’re considering selling your home or investment property on the Gold Coast, I’m here to guide you every step of the way—from preparing legally sound contracts to negotiating the best terms for your sale.
More Smart Selling Questions Answered
Gold Coast Home Selling Costs Calculator: Take the Guesswork Out of Selling
Thinking of selling your home on the Gold Coast? Before you make a move, make sure you know the numbers. Between agent commissions, marketing, conveyancing fees, repairs, staging, and relocation costs, selling can cost more than you expect. Budgeting blindly leads to unnecessary stress.
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Whether you’re selling a family home, an investment property, or preparing for your next chapter, knowing your costs upfront gives you the power to make informed, confident decisions. Try the calculator now, and take the first step toward a smooth, financially sound sale.
Example of a REIQ Completed Contract of Sale for Houses and Residential Land
REIQ-Contract-Of-Sale-Residential-Example of a REIQ Completed Contract of Sale for Residential Lots in a Community Titles Scheme
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THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Chirn Park
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
