Buying or selling a home is exciting, but the paperwork can feel overwhelming. In Queensland, most residential sales use the REIQ Contract for Houses and Residential Land, which includes key clauses that define your rights and responsibilities.
At W & G Lawyers, we make sure you understand what you’re signing before you commit. Below are some of the most important terms explained in simple, everyday language.
1. Deposit
The deposit (often include an initial deposit and a balance deposit) shows the buyer’s commitment to the purchase. It’s usually 5–10% of the purchase price, held in the seller’s solicitor’s or agent’s trust account until settlement.
If the buyer fails to complete the contract, the seller may retain the full amount of the deposit plus other costs and damages.
2. Settlement Date
This is when the property officially changes hands, and the balance of the price is paid.
Most settlements occur 30–60 days after signing and are now commonly handled electronically through PEXA.
3. Finance Clause
This condition protects buyers who need time to secure home loan approval.
If finance isn’t approved by the due date, and notice is properly given, the buyer can usually end the contract and have the deposit fully refunded.
💡 Tip: Thinking of removing this clause? Speak with W & G Lawyers first, as we’ll help you understand the risks and keep your purchase protected.
4. Building and Pest Inspection Clause
This clause allows the buyer to inspect the property for building defects or pests’ problems.
If major problems are found, the buyer may try to negotiate repairs, or a price reduction, or even end the contract and have the deposit fully refunded.
5. Cooling-Off Period
Most residential buyers (except at auction) have five business days to change their mind after signing. A small penalty of 0.25% of the price may apply if they simply change their mind during this period.
6. Special Conditions
Standard REIQ contracts can be modified to suit individual circumstances, for example:
- Sale is dependent on the buyer selling another property;
- Repairs or renovations to be completed before settlement;
- Early access or inclusion of certain fixtures.
It’s best to have our experienced property lawyers at W & G Lawyers review these conditions, as they can override standard terms and materially impact your legal position.
7. Adjustments
At settlement, expenses like council rates, water, and body corporate fees are divided fairly between the buyer and the seller.
8. Fixtures and Chattels
Fixtures (built-in items) stay with the property, while movable items (like furniture) don’t unless stated in the contract.
To avoid confusion, list everything you expect to be included.
9. Time is of the Essence
Deadlines in Queensland contracts are strict. Missing one could allow the other party to terminate the deal.
With W & G Lawyers managing your matter, all critical dates and notices are handled promptly to assist you with important deadlines.
Why Legal Advice Matters
Even “standard” contracts can have hidden risks and might not suit everyone. A property lawyer ensures you understand every term and meet all key dates.
At W & G Lawyers, we guide you from contract signing to settlement, protecting your interests at every step.
Need help with your conveyancing contract?
Contact W & G Lawyers for expert conveyancing advice across Queensland. Xiaonan (Nancy) Wang, our Director and Principal, together with her dedicated team, brings over 15 years of experience and is ready to help you today.
Visit or Contact Us
Address: 68 Bryants Road, Shailer Park, Queensland, 4128
Email: info@wglawyers.com.au
Phone: (07) 2810 5666
Resources
Disclaimer
This article contains general information only and does not constitute legal advice. You should obtain specific legal or financial advice relevant to your circumstances before taking any action.