In Queensland, most residential purchases proceed on the standard REIQ contract(or a lawyer-drafted equivalent) with key “conditional” clauses that allocate risk between buyer and seller. The most common are finance, building and pest, and (where relevant) due diligence conditions. Each condition has a deadline, a notice requirement, and consequences if not satisfied. Small drafting differences—such as how “satisfactory” is defined—can materially affect termination rights and deposit outcomes.

Buyers should pay close attention to the deposit provisions (amount, timing, stakeholder arrangements) and the settlement date, particularly where finance approval may be tight. If the contract is unconditional, the buyer’s ability to withdraw is typically limited and can expose the buyer to forfeiture of deposit and damages.

Queensland’s approach to disclosure differs from some other jurisdictions. Certain matters must be disclosed (for example, where statutory disclosure obligations apply), but buyers should not assume comprehensive disclosure. Searches and enquiries remain essential: title, plan, rates and water, land tax (if relevant), body corporate records, zoning overlays, flood mapping, and compliance for structures and pools.

Sellers should ensure the contract accurately reflects inclusions/exclusions and any special conditions (e.g., tenancy, pool compliance, repairs), reducing the risk of dispute at settlement. Early legal eview supports clearer drafting, fewer surprises, and a more controlled pathway to settlement.