What is included in a standard Contract of Sale in Queensland, and what clauses should I pay close attention to?
If you’re preparing to sell your property on the Gold Coast, understanding the standard Contract of Sale in Queensland is essential. This legally binding agreement outlines the terms of the property transaction and protects the rights of both the seller and the buyer.
Whether you’re selling a family home in Broadbeach or an investment property in Southport, knowing what’s in the contract—and what to look out for—can help you avoid costly mistakes and delays.
✅ 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 sign and the buyer receives 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 allows buyers to withdraw if issues are found. 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.
💡 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.
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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—and budgeting blind can lead to stress.
That’s why I created the Gold Coast Home Selling Costs Calculator—a free, easy-to-use tool tailored specifically to our local market. It breaks down the true costs involved so you can plan smarter, stay in control, and avoid last-minute surprises.
Whether you’re selling a family home, an investment, or preparing for your next chapter, knowing your costs upfront gives you the power to make confident decisions. Try the calculator now—and take the first step toward a smooth, financially sound sale.
Author – Craig Douglas
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.
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