What actually happens between signing and keys

Four dates, in order, and each one has a consequence if it slips.

Once the contract is signed you are in the conditional period. The cooling-off period runs first, usually five business days from when you get the signed copy, and terminating in it costs a penalty of 0.25 percent of the price.

Then the finance date, where your lender's unconditional approval has to be in and your solicitor has to give notice, because the bank saying yes does not satisfy the contract on its own. Then building and pest, where a report you are not satisfied with lets you terminate without penalty.

Then settlement, where the money moves and the title transfers. Miss a date without asking for an extension and you can lose the right, or the deposit.

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The searches that tell you what you are really buying

A title search takes minutes. Not doing one has cost people years.

The contract describes the property. The searches tell you the truth about it. We order title and the registered plan to confirm ownership, easements and covenants, council and water rates so the adjustments at settlement are right, and land tax so you are not inheriting someone else's liability.

Depending on the property we will also advise on flood and overland flow, contaminated land, heritage listings, tree orders and whether the deck, shed or granny flat was ever approved. Unapproved building work becomes your problem the moment you settle, and it is one of the most common things we find.

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Transfer duty, and the concessions people miss

Duty is imposed by the Duties Act, and the concessions have conditions attached.

Transfer duty is a state tax on the contract, calculated on the purchase price or value, and it is payable whether or not you are borrowing. Queensland offers concessions that can reduce it substantially, including a home concession for buyers who will live in the property and a first home concession on top of that, and eligible first home buyers of new homes and vacant land have been able to buy free of duty since 1 May 2025.

Every concession carries conditions about moving in and staying, and duty can be clawed back if you do not meet them. We work out what applies to you and what it is worth before settlement, not after. Rates and thresholds change, so we confirm the current figures on your file rather than quoting them from a page.

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QUESTIONS

Frequently asked questions

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Can I get out of a contract after I have signed?

Usually, within limits. The cooling-off period gives most residential buyers five business days to terminate, with a penalty of 0.25 percent of the purchase price. After that, your ability to terminate depends on the conditions in the contract: finance, building and pest, and any special conditions. Each has its own due date, and once every condition is satisfied the contract is unconditional and those rights are gone.

Does the bank approving my loan satisfy the finance condition?

No, and this catches people every week. You need unconditional approval from the lender, and then you need to tell your solicitor in writing so notice can go to the seller by the due date. Until that notice is given the condition is still open. Pre-approval is not the same thing as either.

What if the building and pest report comes back bad?

You have three options: terminate the contract, which is a valid termination without the cooling-off penalty; accept the property as it is and satisfy the condition; or ask the seller to repair or reduce the price, which they are free to refuse. What you cannot do is let the date pass while you think about it. Tell us before the due date and we will give the right notice.

How long does settlement take?

A standard Queensland contract runs about 30 days from signing to settlement, though it is negotiable and 45 or 60 days is common where finance or a sale is involved. Settlement itself is now almost always electronic, which means the transfer and the money happen at the same time and you are not waiting on a cheque.

What do I pay, and when?

The deposit goes into a trust account shortly after signing, usually within a couple of days. Everything else, the balance of the price, transfer duty and the registration fee, is dealt with at settlement. Our professional fee is quoted before we start and the search and government costs are itemised separately, so the invoice never holds a surprise.

Do I need a lawyer if I am paying cash?

Yes. Finance is only one of the conditions in a contract. The searches, the disclosure the seller owes you, the adjustments and the transfer itself all still apply, and a cash purchase usually settles faster, which leaves less room to fix a problem found late.

Can you act for me if the property is outside Ipswich?

Yes. We act on property transactions across Queensland from our Springfield Central office. Electronic settlement means the location of the property does not change how the transaction runs.

Lawyers for buying property in Ipswich and Brisbane

What actually happens between signing and keys

The searches that tell you what you are really buying

Transfer duty, and the concessions people miss

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