Contracts guide

Australian property contracts, decoded

Reviewed against current legislation on

The Australian property contract is the legal heart of every purchase. It binds you, it carries the conditions, and it determines whether you walk away or hand over your deposit. Most contracts run 80 to 150 pages of legal language, attached schedules, and state-specific disclosures. The risks aren't in the headline price. They're in the special conditions, the sunset clauses, the easements buried in the title search, and the cooling-off rules that change at every state border.

This pillar is the map to the contract documents Australian buyers actually face. Every link here points to a deeper guide on a single topic, plus the state-specific contract review pages for the format used in your state. If you're about to put in an offer, work through this guide before you sign.

How to read a property contract

Start with the structure. Every Australian contract has a front page (the parties, the property, the price, key dates), a special conditions schedule (where the actual negotiation happens), a vendor disclosure section (mandatory documents the seller must attach), and the standard terms. Read the special conditions first. They're the ones written for this specific deal. The standard terms are template language; the special conditions are where surprises hide.

Red flags to watch for

Most contract risks fall into a handful of recurring patterns. Sunset clauses on off-the-plan deals (developer can rescind if the build runs long). Special conditions that shift unusual risk to the buyer. Vendor disclosure gaps. Title encumbrances that affect what you can do with the land. Deposit release terms that hand your 10% to the seller before settlement. Knowing the patterns lets you spot them on a 100-page contract in 60 seconds, instead of waiting for your solicitor to bill three hours and tell you the same thing.

Section 32 (Victoria only)

Victoria does it differently. Under the Sale of Land Act 1962, the seller must give the buyer a Section 32 Vendor Statement before the contract is signed. The Section 32 attaches title, planning certificates, owners corporation details, building permits, and any restrictions on the property. If a Section 32 is non-compliant or missing required attachments, the buyer can sometimes rescind the contract. Read it carefully, and treat it as the most important document in a Victorian purchase.

Cooling-off rules vary by state

Most states give a cooling-off period after the contract is signed but before exchange or after exchange depending on the jurisdiction. In NSW the buyer has 5 business days with a 0.25% penalty if they withdraw. Victoria is 3 clear business days. Queensland is 5 business days. ACT is 5. Tasmania, WA, SA, and NT have their own rules. Auction purchases usually have no cooling-off period at all. Knowing the rule for your state is the difference between walking away with a small penalty and being sued for the full deposit.

State-specific contract formats

Every state has its own contract format and the conventions are not interchangeable. NSW uses the Contract for Sale of Land with section 10.7 planning certificates. VIC uses the Contract of Sale with the attached Section 32. QLD uses the REIQ standard contract. WA uses the Joint Form of General Conditions. SA uses Form 1 plus the REISA contract. TAS, ACT, and NT each have their own conventions. The same special condition can mean different things in different states.

See what an AI risk report actually looks like

Sample report from a real NSW off-the-plan contract. Risk score, key dates, special conditions, the questions to ask your solicitor.

See the sample report