The Clauses in a Queensland Contract of Sale Buyers Miss Most

The standard Queensland contract, the REIQ Contract for the Sale and Purchase of Residential Real Estate, is the foundation of almost every home purchase in the state. Most buyers sign it focused on the price and the settlement date, and skip past the clauses that matter most when something goes wrong. These are the ones Queensland buyers miss, and the ones that catch them.

The risk passes to you the day after you sign, not at settlement

Under the standard REIQ contract, the property is at the buyer's risk from 5pm on the first business day after the contract date. That is not settlement day; it is usually the day after you sign. If the property is damaged by fire, storm or flood between then and settlement, you can still be required to complete the purchase. The protection is simple: arrange building insurance as soon as you sign the contract, not when you get the keys.

Time is of the essence, so the dates are hard deadlines

The REIQ contract states that time is of the essence, which means every date in it is a strict deadline, not a guideline. Miss your finance date or your building and pest date, and you can lose your rights under that condition. There is no informal grace period.

A blank in the finance section can leave you unconditionally bound

The finance clause only protects you if it is completed. If the finance date, finance amount or financier fields are left blank in the reference schedule, the contract may not be subject to finance at all, meaning you are bound to complete even if your loan falls through. Check that the finance details are filled in correctly before you sign.

The new seller disclosure statement is worth actually reading

Since 1 August 2025, Queensland sellers must give buyers a completed Form 2 Seller Disclosure Statement before the buyer signs, under the Property Law Act 2023. Read it properly, because it can reveal problems before you commit.

JSC Property Investments makes sure nothing in the contract catches you out. Book a Kickoff Call with our team and buy with someone who reads the fine print for you.