Step 1: the seller disclosure statement
Under the Property Law Act 2023, a seller of residential property in Queensland must give the buyer a disclosure statement (the approved Form 2) and the prescribed certificates before the buyer signs the contract: a title search, the registered plan, any statutory encumbrances, zoning, rates and water notices, body corporate information for a unit, and notices such as tree orders or heritage listings. If the statement is not given, or is inaccurate about a matter that would have made a reasonable buyer walk away, the buyer may terminate at any time before settlement.
Step 2: the contract and its conditions
Most Queensland sales use the REIQ contract. Unlike NSW and Victoria, buyers routinely sign subject to conditions: a finance condition (commonly 14 days) and a building and pest condition (commonly 7 to 14 days). If finance is not approved or the inspection is unsatisfactory, you can terminate within the condition period and recover your deposit, but the clause must be used exactly as written and on time. In Queensland time is of the essence: missing a date can mean losing the right to terminate, or being in breach.
Have the contract reviewed before you sign it. Agents often present a contract for signature on the spot; it is fine to say you will sign once your conveyancer has read it.
Step 3: signing, the deposit and the cooling-off period
The buyer signs first as an offer and the seller signs to accept. The contract is formed when the buyer receives the signed copy. Deposits in Queensland are often paid in two parts: an initial deposit on signing (frequently $1,000 to $5,000) and the balance deposit when the contract goes unconditional. From the day you receive the signed contract you have a cooling-off period of five business days. Withdrawing costs 0.25 per cent of the price. There is no cooling-off period for a purchase at auction or if you waive it in writing.
Step 4: insure the property immediately
Queensland is different: under the standard contract the risk in the property passes to the buyer at 5pm on the next business day after the contract date, not at settlement. Arrange building insurance that day. Your lender will require it in any case.
Step 5: searches and enquiries
We order the searches the disclosure statement does not cover or that need updating: council rates and water, land tax, contaminated land, main roads and transport, body corporate records, and any local planning certificates. We also make sure the pool safety certificate or notice is in place if the property has a pool, and the smoke alarm compliance required for a sale.
Step 6: transfer duty and concessions
Transfer duty in Queensland must be paid within 30 days of the contract becoming unconditional, which in practice means at settlement. Queensland offers a home concession for a home you will live in, a first home concession that removes duty entirely on an existing home up to $700,000 and phases out up to $800,000, and from 1 May 2025 no duty at all for first home buyers of a new home or vacant land to build on. We lodge the concession forms with the transfer so the assessment is right the first time.
Step 7: settlement
Settlement is typically 30 days after the contract date, though 45, 60 or 90 days can be agreed. It takes place electronically through PEXA. We prepare the settlement statement adjusting council rates, water and body corporate levies, confirm figures with the seller's solicitor, settle with your lender's funds and your balance, and lodge the transfer with Titles Queensland. Keys are released by the agent once settlement is complete. You are entitled to a pre-settlement inspection in the days before.
After settlement
We notify the council, water authority and body corporate. If you claimed a first home or home concession you must move in within one year and not dispose of any part of the property for a year. Keep the settlement statement for your records.
What it costs
Settle Easy's professional fee for a standard residential purchase in Queensland is a fixed $1,750 plus GST. Searches and government charges are passed on at cost, typically $1,000 – $1,650 for a purchase. Duty and lender fees are separate. See conveyancing fees in Queensland, or get a fixed-fee quote.
Buying off the plan? Read what to check before you sign.