Buying a property, whether it’s your first or fifth, is always an exciting but sometimes stressful time. Some of this stress can be avoided if you have the Contract reviewed prior to signing. By having the Contract reviewed, it gives you peace of mind that all terms and conditions of the Contract are met, and that you understand them. 


Sometimes, when dealing with the emotion and pressure of buying a property, the little details can be overlooked. A professional set of eyes going over the Contract will confirm everything is as it should be.


Two of the most common conditions to make a Contract subject to is ‘Building & Pest Inspections’ (plus a pool if applicable), and ‘Finance approval’. If the relevant condition fields are not entirely completed on the Contract, the Contract may not be subject to these conditions, which means you could lose your rights to have inspections carried out. This could be detrimental in you being unable to negotiate or request any works that may need to be done. Or, in terms of gaining finance approval, a bank valuer may not be able to undergo a property valuation which is required to secure your loan. All in all, these are two important conditions that need to be correctly noted in the Contract.


For property in Queensland, once both parties have signed the Contract and the buyer (or buyer’s solicitor/conveyancer) receives a fully signed and dated copy of the Contract, a statutory cooling-off period commences. The cooling-off period lasts for five (5) business days.  This provision enables the buyer to terminate for any reason, however the seller may impose a penalty to withdraw from the Contract. The penalty of 0.25% of the purchase price is either retained from the deposit already paid, or the seller is able to pursue the penalty through legal channels.


There are standard forms of Contracts of Sale in Queensland which are approved by the Queensland Law Society and adopted by the REIQ (Real Estate Institute of Queensland). Not all Contracts are prepared by a real estate agent. No buyer should assume that the Contract they are being presented with to sign is on a standard form. For instance, owners sometimes elect to sell their homes privately and engage a solicitor/conveyancer to prepare the Contract. Off the Plan (or Developer) Contracts are quite often prepared by the developer and do not refer to the standard form of Contract and its conditions. These are all good reasons why it is important to have the Contract reviewed prior to signing.


At bytherules, our experienced conveyancers and lawyers are able to do a Contract review for you, within 2 hours, free of charge!  


We can also assist with Contract preparation and act as stakeholder for any money transactions. All money deposited is held in our trust account, in trust for both parties, until settlement is effected.


Call bytherules Conveyancing on 1300 22 33 44 or visit