When buying or selling property, the contract process can vary significantly depending on the state in Australia. Queensland and New South Wales each have unique requirements, timelines, and conditions for property transactions, and understanding these differences is essential for a smooth experience. At Reid Legal Group, we are one of the few Queensland firms equipped to handle both QLD and NSW property contracts, offering clients specialised support across both states.

Key Differences Between QLD and NSW Property Contracts

  1. Contract Exchange Process
  • QLD: In Queensland, contracts are often negotiated and exchanged with a single document that both parties sign after terms are agreed upon. Once both parties sign, the contract is legally binding, and the cooling-off period begins.
  • NSW: In New South Wales, property transactions involve a more complex contract exchange process. Typically, the buyer and seller each have their own copy of the contract, and they only become legally binding once both signed copies are exchanged. In NSW, a five-business-day cooling-off period also applies unless waived.
  1. Cooling-Off Period
  • QLD: Queensland offers a five-business-day cooling-off period, allowing the buyer to withdraw for a small fee. This period commences the day after both parties have signed the contract.
  • NSW: NSW also has a cooling-off period of five business days, but this period can be waived by the buyer if they choose to make the offer unconditional. Waiving the cooling-off period is common in competitive markets.
  1. Deposit Requirements
  • QLD: In Queensland, the deposit amount is usually negotiated and payable upon signing the contract. A secondary deposit may also be payable at a later date, typically when the contract goes unconditional.
  • NSW: New South Wales property transactions often require a 10% deposit upon contract exchange. In some cases, a smaller initial deposit may be accepted, with the balance due upon settlement.
  1. Building and Pest Inspections
  • QLD: Building and pest inspections are generally a condition of the contract in Queensland. This means that the buyer can withdraw from the sale if the inspection results are unsatisfactory and the contract stipulates this condition.
  • NSW: In NSW, building and pest inspections are usually completed before the contract exchange. Once contracts are exchanged, withdrawing based on inspection results is less common unless the contract includes specific clauses allowing for it.
  1. Settlement Period
  • QLD: The typical settlement period in Queensland is 30 days, but this can be negotiated between the buyer and seller.
  • NSW: In New South Wales, a standard settlement period is around 42 days from the exchange of contracts, but this timeframe can vary based on the parties’ agreements.
  1. Legal Representation and Conveyancing
  • QLD: In Queensland, the use of a solicitor or conveyancer is highly recommended for preparing, reviewing, and negotiating contracts. Solicitors play a central role in ensuring all legal requirements are met.
  • NSW: In NSW, conveyancing is also generally handled by solicitors or licensed conveyancers. Legal representatives in NSW often work closely with the buyer or seller throughout the transaction, particularly during the contract exchange and settlement processes.

At Reid Legal Group, we understand the intricacies of property transactions in both Queensland and New South Wales. Our team’s dual expertise allows us to provide comprehensive support to clients buying or selling in either state, making us one of the rare firms in Queensland equipped to manage both QLD and NSW property contracts.

Our specialised approach means you can trust us to handle every detail, whether navigating the faster pace of a NSW exchange or ensuring that conditions for building and pest inspections are met in QLD contracts.

If you’re considering a property transaction in Queensland or New South Wales, reach out to Reid Legal Group today.