Buying a home

What this usually means

Buying a home starts with a contract of sale. It sets out the price, the deposit, the settlement date and any special conditions. It only becomes binding when both you and the seller have signed it.

That makes the time before you sign the most important part. After you sign, you are bound by what the contract says, even if you did not read it closely.

Here are the main parts to know about.

The deposit. You usually pay a deposit once the contract is binding. Queensland Government information says this is normally within 2 to 3 days. Some agents ask for a smaller amount when you make an offer. If the seller turns down your offer, you get that money back. The law sets a limit on the deposit, and for most homes it is 10% of the price. Check your contract and ask your conveyancer or lawyer who will hold the money.

Conditions. Many contracts are conditional on things like getting a loan, or a satisfactory building and pest inspection. The Queensland Government says you must check these conditions are in the contract when you sign. If they are not written in, they are not legally binding.

The cooling-off period. Most residential contracts have 5 business days to change your mind. It starts when you receive a copy of the contract signed by both sides. It ends at 5pm on the fifth day. To cancel, you give signed written notice to the seller or their agent before then. The seller may keep up to 0.25% of the purchase price, and must refund the rest of the deposit within 14 days.

There is no cooling-off period at an auction. There is also none if you sign a private treaty contract within 2 business days after an unsuccessful auction of that property, or if you were a registered bidder at that auction. You can also waive or shorten your cooling-off period by written notice.

The seller disclosure statement. Since 1 August 2025, the seller has to give you a seller disclosure statement (Form 2) and certain certificates before you sign. At an auction, this must happen before the hammer falls. The statement covers things like:

• title and any registered or unregistered rights over the land
• planning, zoning, heritage and environmental listings
• whether there is a pool
• any residential tenancy on the property

It does not have to cover structural soundness or flooding history. You still need to check those yourself.

If the seller does not give you the documents, or they are inaccurate or incomplete, you may be able to end the contract at any time up to settlement. For inaccurate or incomplete information, the issue must usually be important, you must not have known about it when you signed, and you must show you would not have signed had you known.

What you can do now

1. Do not sign yet if you feel pressured. The Queensland Government says not to sign without legal advice first.
2. Ask the agent for the contract, the seller disclosure statement and the certificates. Take them to a conveyancer or lawyer to read before you sign.
3. Talk to your lender about finance early. Ask what a "subject to finance" condition would need to say, and how long you will have.
4. Book a building and pest inspection. Check the contract allows time for it, and that the condition is written in.
5. Check the warning statement above the signature block. It should tell you about the cooling-off period and the penalty.
6. Look at your own budget. Think about transfer duty, insurance, and the deposit due date.
7. After you sign, mark the cooling-off deadline and any condition deadlines in your calendar.

Time limits

• Cooling-off: 5 business days from when you receive the contract signed by both sides, ending 5pm on the last day.
• Conditions in your contract, such as finance and inspections, have their own dates. If you miss a date, you may lose the right to rely on the condition.
• If the seller did not give you the disclosure documents, the Queensland Government says you may be able to terminate up to settlement. We could not confirm other time limits, so do not wait.

If it goes further

A dispute over a property contract is a dispute about a contract. Many are settled between the lawyers or conveyancers on each side. If that fails, the courts decide, and a dispute over a deposit or damages can be costly and slow.

For a complaint about the conduct of a real estate agent, such as being misled, you can complain to the Office of Fair Trading. See "A sale fell through" for what can happen to a deposit when a deal ends.

Questions to ask whoever helps you

• Is the contract the standard one, and what has been changed or added?
• Are my finance and inspection conditions written in, with the right dates?
• Did the seller give me the disclosure statement and all the certificates before I signed?
• How much is the deposit, who holds it, and when is it due?
• What happens to my deposit if the conditions are not met, or if I cancel in the cooling-off period?