Most first home buyers sign the biggest document of their lives without understanding it
When you buy property in Australia, you deal with two connected documents: the and the . The vendor disclosure tells you what you are buying. The contract tells you on what terms. Together they are the most consequential documents most Australians will ever sign, and a majority of first home buyers admit they do not understand them.
38% of those surveyed thought conveyancing meant inspecting the property and checking boundaries
How this applies in your state
Sign up to see how this applies in your state.
New South Wales: In NSW, the seller must...
Victoria: Victoria requires a Section...
Queensland: From 1 August 2025 Queensland...
South Australia: SA requires a Form 1 vendor...
Western Australia: WA uses a two-part contract...
Tasmania: Tasmania has a voluntary...
Northern Territory: The NT mandates a specific...
Tailored to your property journey
Sign up to see how this applies to your property journey.
First Home Buyers: Engage a conveyancer before...
Rentvesters: Interstate investment buyers...
Most first home buyers sign the biggest document of their lives without understanding it
When you buy property in Australia, you deal with two connected documents: the and the . The vendor disclosure tells you what you are buying. The contract tells you on what terms. Together they are the most consequential documents most Australians will ever sign, and a majority of first home buyers admit they do not understand them.
38% of those surveyed thought conveyancing meant inspecting the property and checking boundaries
How this applies in your state
Sign up to see how this applies in your state.
New South Wales: In NSW, the seller must...
Victoria: Victoria requires a Section...
Queensland: From 1 August 2025 Queensland...
South Australia: SA requires a Form 1 vendor...
Western Australia: WA uses a two-part contract...
Tasmania: Tasmania has a voluntary...
Northern Territory: The NT mandates a specific...
Tailored to your property journey
Sign up to see how this applies to your property journey.
First Home Buyers: Engage a conveyancer before...
Rentvesters: Interstate investment buyers...
.
The median dwelling value nationally sits above $800,000 .
57% of first home buyers lacked familiarity with the buying process and needed support to navigate it .
Signing something you do not understand at that price is not a calculated risk. It is an avoidable mistake.
The two documents that set the terms of your purchase
When you buy in Australia, you do not sign one document — you sign two, in sequence. The vendor disclosure is provided first, before you commit to anything. The follows, setting out the agreed terms of the deal.
Every state uses a slightly different standard form, but the core sections of the are consistent. Here is what you will find in a typical contract.
Section
What It Covers
Why It Matters to You
Parties
Full legal names and addresses of buyer(s) and seller(s)
Names must match your loan application exactly. Errors here cause settlement delays.
Property details
Address, lot number, plan number, title reference
Confirms you are buying the correct legal parcel of land, not just the street address.
Purchase price
Agreed price and deposit amount
The deposit is typically 10% of the purchase price. Your can negotiate a smaller initial deposit (often 0.25%) to be held until exchange.
Settlement date
The date ownership transfers and you get the keys
Standard periods range from 30 to 90 days depending on the state. In NSW, the default is 42 days (6 weeks) after exchange .
Inclusions and exclusions
Items that stay with the property (e.g. blinds, dishwasher, light fittings) and items the seller is removing
If it is not listed as an inclusion, do not assume it stays. Disputes over missing items after settlement are common and hard to resolve .
Special conditions
Conditions added to the standard contract, such as subject to finance, building inspection, or sale of an existing property
These are your key protections. If a clause is not met, you can usually walk away without penalty.
Standard conditions
Pre-printed legal terms that govern how the sale works, including default, interest, adjustments, and dispute procedures
These are the same for every transaction using that standard form. Your should still review them because some can be modified by .
GST and tax
Whether the price includes or excludes GST, and any foreign resident withholding tax obligations
Most residential property sales are GST-free, but the contract must state this clearly. The 2026 NSW contract edition now includes an anti-money laundering warning .
What the vendor disclosure tells you before you sign
The is provided before you sign the contract. Its purpose is to tell you what the seller knows about the property so you are not buying blind. The specific contents vary by state, but the key disclosures are consistent.
Title information. This confirms who owns the property and reveals any registered mortgages, caveats, or restrictions on the title. Your checks this against the contract to make sure the seller can actually deliver clear title at settlement.
Encumbrances and easements. An such as a mortgage or restrictive covenant may sit on the title. An might mean a neighbour has a right of way across your driveway, or a utility company can access pipes under your backyard. These do not disappear when you buy. You inherit them .
Planning and zoning. This tells you what the property is zoned for and whether any planning overlays apply. Overlays can restrict what you build, how high you build, or whether you can subdivide. In NSW, this is the section 10.7 planning certificate .
Outgoings. Council rates, water rates, and land tax liabilities are disclosed so you know the ongoing costs before you commit.
Building permits. In Victoria, the section 32 vendor statement must disclose building permits issued in the last 7 years . This matters because unpermitted building work can become your problem after settlement.
Owners corporation (strata) information. If the property is an apartment, townhouse, or part of a strata scheme, the disclosure should include details about levies, the financial health of the owners corporation, and any planned special levies or known building defects.
Off-the-plan contracts add extra sections you need to read
If you are buying an apartment or house-and-land package that has not been built yet, the contract will include additional sections that do not appear in a standard established property contract.
{Sunset clause}. This sets a deadline for the developer to complete the project and register the plan of subdivision. If they miss the deadline, the contract can be ended and your deposit returned. In NSW and Victoria, developers now need buyer consent or a court order to rescind under a , after a wave of developers deliberately delayed projects to cancel contracts and resell at higher prices .
Variations and substitutions. Developers typically reserve the right to make changes to finishes, fixtures, and sometimes floor plans. Check how much flexibility the contract gives them and whether you have a right to object.
Deposit handling. Off-the-plan deposits are usually held in a trust account or covered by a deposit bond until settlement. Your should confirm how your deposit is protected if the developer goes into administration.
What your conveyancer checks that you cannot
A or solicitor does not just read the contract. They run searches and checks that are not visible in the documents you receive.
These include title searches to verify the seller owns the property free of unexpected claims, planning certificate reviews to confirm the zoning matches your intended use, strata searches for apartments to uncover financial problems or building defects in the owners corporation, and council and water authority searches to check for unpaid rates or charges that could become your liability .
Your also checks that the is complete and accurate. In Victoria, if the section 32 vendor statement is incomplete or missing, you can end the contract at any time before settlement and get your money back . In Queensland, the same right applies if the seller fails to provide a compliant Form 2 disclosure statement .
.
The median dwelling value nationally sits above $800,000 .
57% of first home buyers lacked familiarity with the buying process and needed support to navigate it .
Signing something you do not understand at that price is not a calculated risk. It is an avoidable mistake.
The two documents that set the terms of your purchase
When you buy in Australia, you do not sign one document — you sign two, in sequence. The vendor disclosure is provided first, before you commit to anything. The follows, setting out the agreed terms of the deal.
Every state uses a slightly different standard form, but the core sections of the are consistent. Here is what you will find in a typical contract.
Section
What It Covers
Why It Matters to You
Parties
Full legal names and addresses of buyer(s) and seller(s)
Names must match your loan application exactly. Errors here cause settlement delays.
Property details
Address, lot number, plan number, title reference
Confirms you are buying the correct legal parcel of land, not just the street address.
Purchase price
Agreed price and deposit amount
The deposit is typically 10% of the purchase price. Your can negotiate a smaller initial deposit (often 0.25%) to be held until exchange.
Settlement date
The date ownership transfers and you get the keys
Standard periods range from 30 to 90 days depending on the state. In NSW, the default is 42 days (6 weeks) after exchange .
Inclusions and exclusions
Items that stay with the property (e.g. blinds, dishwasher, light fittings) and items the seller is removing
If it is not listed as an inclusion, do not assume it stays. Disputes over missing items after settlement are common and hard to resolve .
Special conditions
Conditions added to the standard contract, such as subject to finance, building inspection, or sale of an existing property
These are your key protections. If a clause is not met, you can usually walk away without penalty.
Standard conditions
Pre-printed legal terms that govern how the sale works, including default, interest, adjustments, and dispute procedures
These are the same for every transaction using that standard form. Your should still review them because some can be modified by .
GST and tax
Whether the price includes or excludes GST, and any foreign resident withholding tax obligations
Most residential property sales are GST-free, but the contract must state this clearly. The 2026 NSW contract edition now includes an anti-money laundering warning .
What the vendor disclosure tells you before you sign
The is provided before you sign the contract. Its purpose is to tell you what the seller knows about the property so you are not buying blind. The specific contents vary by state, but the key disclosures are consistent.
Title information. This confirms who owns the property and reveals any registered mortgages, caveats, or restrictions on the title. Your checks this against the contract to make sure the seller can actually deliver clear title at settlement.
Encumbrances and easements. An such as a mortgage or restrictive covenant may sit on the title. An might mean a neighbour has a right of way across your driveway, or a utility company can access pipes under your backyard. These do not disappear when you buy. You inherit them .
Planning and zoning. This tells you what the property is zoned for and whether any planning overlays apply. Overlays can restrict what you build, how high you build, or whether you can subdivide. In NSW, this is the section 10.7 planning certificate .
Outgoings. Council rates, water rates, and land tax liabilities are disclosed so you know the ongoing costs before you commit.
Building permits. In Victoria, the section 32 vendor statement must disclose building permits issued in the last 7 years . This matters because unpermitted building work can become your problem after settlement.
Owners corporation (strata) information. If the property is an apartment, townhouse, or part of a strata scheme, the disclosure should include details about levies, the financial health of the owners corporation, and any planned special levies or known building defects.
Off-the-plan contracts add extra sections you need to read
If you are buying an apartment or house-and-land package that has not been built yet, the contract will include additional sections that do not appear in a standard established property contract.
{Sunset clause}. This sets a deadline for the developer to complete the project and register the plan of subdivision. If they miss the deadline, the contract can be ended and your deposit returned. In NSW and Victoria, developers now need buyer consent or a court order to rescind under a , after a wave of developers deliberately delayed projects to cancel contracts and resell at higher prices .
Variations and substitutions. Developers typically reserve the right to make changes to finishes, fixtures, and sometimes floor plans. Check how much flexibility the contract gives them and whether you have a right to object.
Deposit handling. Off-the-plan deposits are usually held in a trust account or covered by a deposit bond until settlement. Your should confirm how your deposit is protected if the developer goes into administration.
What your conveyancer checks that you cannot
A or solicitor does not just read the contract. They run searches and checks that are not visible in the documents you receive.
These include title searches to verify the seller owns the property free of unexpected claims, planning certificate reviews to confirm the zoning matches your intended use, strata searches for apartments to uncover financial problems or building defects in the owners corporation, and council and water authority searches to check for unpaid rates or charges that could become your liability .
Your also checks that the is complete and accurate. In Victoria, if the section 32 vendor statement is incomplete or missing, you can end the contract at any time before settlement and get your money back . In Queensland, the same right applies if the seller fails to provide a compliant Form 2 disclosure statement .
