Step 1: the seller disclosure statement
Under the Property Law Act 2023 the seller must give the buyer a disclosure statement in the approved form (Form 2) with the prescribed certificates before the buyer signs: a current title search, the registered plan, any statutory encumbrances, zoning, the rates and water notices, body corporate information for a unit, and notices such as tree orders, heritage listings or show cause notices. We order the certificates and prepare the statement before the property is listed, so the agent can give it to buyers with the contract.
Step 2: the contract and its conditions
Most sales use the REIQ contract. Buyers commonly sign subject to finance and a building and pest inspection, with set dates for each. Until those conditions are satisfied the buyer can terminate and recover the deposit, so a contract is not truly sold until it is unconditional. We draft any special conditions you need, such as a settlement date that lines up with your own purchase, and we diarise every date because in Queensland time is of the essence.
Step 3: signing, the deposit and the buyer's cooling-off period
The buyer signs first as an offer and you sign to accept; the contract is formed when the buyer receives the signed copy. The buyer then has five business days to cool off, and if they withdraw you keep 0.25 per cent of the price. There is no cooling-off period at auction. Deposits are often paid in two parts, an initial deposit on signing and the balance when the contract goes unconditional, held in the agent's trust account.
Step 4: pool safety and smoke alarms
If the property has a pool, you must give the buyer a pool safety certificate before settlement or a notice that there is none, in which case the buyer must obtain one within 90 days. Before settlement the property must have interconnected photoelectric smoke alarms that meet the Queensland requirements that apply to sales, and the contract records whether they are installed. We check both early, because either can hold up settlement.
Step 5: risk and insurance
Under the standard contract the risk in the property passes to the buyer at 5pm on the next business day after the contract date, but keep your own insurance in place until settlement; if the sale falls over, the property is yours again.
Step 6: discharging your mortgage
We lodge the discharge request with your lender as soon as the contract is signed, because lenders often need two to three weeks. The payout figure is confirmed before settlement and paid from the proceeds on the day.
Step 7: the ATO clearance certificate
Every seller of Australian property needs an ATO foreign resident capital gains withholding clearance certificate before settlement, whatever the price; without it the buyer must withhold 15 per cent of the price and pay it to the ATO. Apply as soon as you decide to sell.
Step 8: adjustments and the settlement statement
Council rates, water and body corporate levies are adjusted so that you pay only up to the settlement date; land tax is adjusted only where the contract provides for it. We prepare the settlement statement showing the price, the deposit held, the adjustments, the mortgage payout, the agent's commission and our fee, and the net amount you receive.
Step 9: the final inspection, settlement and the keys
The buyer may inspect before settlement, and the property must be in the same condition as at the contract date with the inclusions in place and, unless sold subject to a tenancy, vacant and clean. Settlement takes place electronically on PEXA, commonly 30 days after the contract date. Your mortgage is discharged, the buyer's funds are received, the transfer is lodged with Titles Queensland and the net proceeds are paid to your account, normally the same day. The agent releases the keys and accounts to you for the deposit less commission.
After settlement
We notify the council, water authority and body corporate. If the home was your main residence the capital gains tax exemption usually applies; that is a question for your accountant, so keep the settlement statement and your purchase records.
What it costs
Settle Easy's professional fee for a standard residential sale in Queensland is a fixed $1,750 plus GST, agreed before we start. The disclosure statement certificates and government charges are passed on at cost, typically $950 to $1,350 for a sale. Agent's commission and your lender's discharge fee are separate. See conveyancing fees in Queensland, or get a fixed-fee quote.