This is the non-negotiable starting point. Get the contract reviewed before you sign it, before you attend auction, and before you make a verbal offer. A contract review typically takes 1 to 3 business days and costs a fraction of what a missed clause could cost you later.

Your conveyancer will check the general conditions, special conditions, title search, registered plan, and any attached documents. They will flag anything unusual and explain what each clause means in plain language.

The vendor's disclosure tells you what you are buying

Every state requires the vendor to disclose certain information about the property before you sign. The name and format differ by state, but the purpose is the same: to tell you what you are buying.

Your conveyancer will check whether the vendor disclosure document is complete and accurate. If something is missing or wrong, you may have the right to pull out of the contract — but only if you know what to look for.

Verbal agreements mean nothing in property law

If you want the sale to be subject to finance approval, a satisfactory building and pest inspection, or any other condition, it must be written into the contract before you sign.

Your conveyancer will draft these conditions with specific timeframes and clear wording. A poorly worded condition can be unenforceable. A missing condition means you have no exit if something goes wrong. Check that each condition specifies: what must happen, who decides whether it has been satisfied, and the deadline for satisfaction.

Miss a deposit deadline and you can lose the lot

The standard deposit in Australia is 10% of the purchase price, but 5% is sometimes negotiable ^[3]. You may also pay a smaller holding deposit (typically 0.25%) when you first sign, with the balance due within a set number of days.

Get the exact figures and dates from your conveyancer. Know when each payment is due and what happens if you miss a deadline. In the Queensland case mentioned above, a buyer lost $98,500 because the deposit arrived 2 days late ^[2]. Your conveyancer should set calendar reminders for every payment deadline in the contract.

Settlement dates are negotiable — and must match your lender's timeline

Settlement is when you pay the balance and take ownership. A typical settlement period is 30 to 90 days after exchange, but the date is negotiable and must be agreed in the contract.

If your lender needs 6 weeks to process formal approval and the contract sets settlement at 30 days, you have a problem. Your conveyancer and your mortgage broker need to coordinate on this date before you sign. If settlement falls on a public holiday or weekend, confirm how the contract handles the adjustment.

Special conditions can override your standard protections

Special conditions sit outside the standard contract terms and are specifically designed to benefit the vendor ^[4]. They can override standard protections you would otherwise have. Common special conditions to watch for:

• Early deposit release — allows the vendor to access your deposit before settlement. If the deal falls through, getting that money back becomes much harder.
• Penalty clauses for late settlement — interest charges that apply if you cannot settle on time, sometimes at rates well above market.
• Sunset clauses (off-the-plan) — allow the developer to cancel the contract if construction is not complete by a certain date, often so they can resell at a higher price.
• "As is" clauses — limit your right to claim compensation for defects discovered after settlement.

If you do not understand a special condition, ask your conveyancer to explain it. If your conveyancer says a clause is unreasonable, ask them to negotiate its removal or amendment before you sign.

A strata report is as important as a building inspection

If you are buying an apartment, townhouse, or any property with a body corporate or owners corporation, a strata report reveals the financial health of the building, not just its physical condition. A strata report will show you:

• Current levies and whether they are likely to increase. Average body corporate levies in Australia range from $3,000 to $12,000 per year depending on the building ^[5].
• The sinking fund balance — whether there is enough money set aside for future repairs, or whether a special levy is coming.
• Minutes from recent AGMs — which reveal disputes, deferred maintenance, and how the building is managed.
• Building insurance details and any current or pending legal disputes.
• By-laws — rules about pets, renovations, short-term rentals, and parking that you will be bound by.

A strata report typically costs $200 to $400. That is a small price compared to a $30,000 special levy you did not know about.

Settlement adjustments split the costs on day one

At settlement, costs are divided between buyer and seller on a pro-rata basis. The general principle is that the vendor pays all rates and charges up to the day of settlement, and the buyer pays from settlement day onward ^[6].

Your conveyancer will prepare a statement of settlement adjustments that calculates exactly how much you owe after accounting for:

• Council rates — apportioned based on how many days of the billing period fall before and after settlement.
• Water and sewerage charges — same pro-rata split.
• Strata levies — if the vendor has prepaid levies beyond the settlement date, you reimburse them for your share.
• Land tax — may apply depending on the state and whether this is an investment property.

Ask your conveyancer to walk you through the adjustments so you know the total amount due at settlement, not just the purchase price minus your deposit.

This is the non-negotiable starting point. Get the contract reviewed before you sign it, before you attend auction, and before you make a verbal offer. A contract review typically takes 1 to 3 business days and costs a fraction of what a missed clause could cost you later.

Your conveyancer will check the general conditions, special conditions, title search, registered plan, and any attached documents. They will flag anything unusual and explain what each clause means in plain language.

The vendor's disclosure tells you what you are buying

Every state requires the vendor to disclose certain information about the property before you sign. The name and format differ by state, but the purpose is the same: to tell you what you are buying.

Your conveyancer will check whether the vendor disclosure document is complete and accurate. If something is missing or wrong, you may have the right to pull out of the contract — but only if you know what to look for.

Verbal agreements mean nothing in property law

If you want the sale to be subject to finance approval, a satisfactory building and pest inspection, or any other condition, it must be written into the contract before you sign.

Your conveyancer will draft these conditions with specific timeframes and clear wording. A poorly worded condition can be unenforceable. A missing condition means you have no exit if something goes wrong. Check that each condition specifies: what must happen, who decides whether it has been satisfied, and the deadline for satisfaction.

Miss a deposit deadline and you can lose the lot

The standard deposit in Australia is 10% of the purchase price, but 5% is sometimes negotiable ^[3]. You may also pay a smaller holding deposit (typically 0.25%) when you first sign, with the balance due within a set number of days.

Get the exact figures and dates from your conveyancer. Know when each payment is due and what happens if you miss a deadline. In the Queensland case mentioned above, a buyer lost $98,500 because the deposit arrived 2 days late ^[2]. Your conveyancer should set calendar reminders for every payment deadline in the contract.

Settlement dates are negotiable — and must match your lender's timeline

Settlement is when you pay the balance and take ownership. A typical settlement period is 30 to 90 days after exchange, but the date is negotiable and must be agreed in the contract.

If your lender needs 6 weeks to process formal approval and the contract sets settlement at 30 days, you have a problem. Your conveyancer and your mortgage broker need to coordinate on this date before you sign. If settlement falls on a public holiday or weekend, confirm how the contract handles the adjustment.

Special conditions can override your standard protections

Special conditions sit outside the standard contract terms and are specifically designed to benefit the vendor ^[4]. They can override standard protections you would otherwise have. Common special conditions to watch for:

• Early deposit release — allows the vendor to access your deposit before settlement. If the deal falls through, getting that money back becomes much harder.
• Penalty clauses for late settlement — interest charges that apply if you cannot settle on time, sometimes at rates well above market.
• Sunset clauses (off-the-plan) — allow the developer to cancel the contract if construction is not complete by a certain date, often so they can resell at a higher price.
• "As is" clauses — limit your right to claim compensation for defects discovered after settlement.

If you do not understand a special condition, ask your conveyancer to explain it. If your conveyancer says a clause is unreasonable, ask them to negotiate its removal or amendment before you sign.

A strata report is as important as a building inspection

If you are buying an apartment, townhouse, or any property with a body corporate or owners corporation, a strata report reveals the financial health of the building, not just its physical condition. A strata report will show you:

• Current levies and whether they are likely to increase. Average body corporate levies in Australia range from $3,000 to $12,000 per year depending on the building ^[5].
• The sinking fund balance — whether there is enough money set aside for future repairs, or whether a special levy is coming.
• Minutes from recent AGMs — which reveal disputes, deferred maintenance, and how the building is managed.
• Building insurance details and any current or pending legal disputes.
• By-laws — rules about pets, renovations, short-term rentals, and parking that you will be bound by.

A strata report typically costs $200 to $400. That is a small price compared to a $30,000 special levy you did not know about.

Settlement adjustments split the costs on day one

At settlement, costs are divided between buyer and seller on a pro-rata basis. The general principle is that the vendor pays all rates and charges up to the day of settlement, and the buyer pays from settlement day onward ^[6].

Your conveyancer will prepare a statement of settlement adjustments that calculates exactly how much you owe after accounting for:

• Council rates — apportioned based on how many days of the billing period fall before and after settlement.
• Water and sewerage charges — same pro-rata split.
• Strata levies — if the vendor has prepaid levies beyond the settlement date, you reimburse them for your share.
• Land tax — may apply depending on the state and whether this is an investment property.

Ask your conveyancer to walk you through the adjustments so you know the total amount due at settlement, not just the purchase price minus your deposit.