In short
Buying a home in Australia follows the same broad path everywhere (finance, inspections, a written contract, settlement, registration), but the legal rules belong to each state and territory. The cooling-off period, for example, is 5 business days in NSW and Queensland, 3 clear business days in Victoria, 2 business days in South Australia, and not required by law in Western Australia. Foreign persons also need federal approval before buying. Find the rule for the state where the property is, not where you live.
The steps in order
- Set a budget and arrange finance. Work out the price you can pay plus the costs on top: purchase duty (see the stamp duty calculator), legal fees, inspections and moving costs. Purchase duty is a state tax and varies by state.
- Find the property and inspect it. Arrange independent building and pest inspections before you commit where you can. See building and pest inspection.
- Choose how you buy. A private sale (an offer is negotiated) or an auction, where there is no cooling-off and you generally cannot add conditions. See buying at auction.
- Have the contract and disclosure documents reviewed by a conveyancer or solicitor before you sign. See contract of sale and exchange.
- Use the cooling-off period if one applies (see cooling-off period).
- Settle. Settlement is when you pay the balance and become the registered owner. See settlement and electronic conveyancing.
How a contract is formed, state by state
| State or territory | How the contract is made | Cooling-off for a private sale |
|---|---|---|
| NSW | Each party signs a copy and the copies are exchanged. The contract is prepared by an Australian lawyer or licensed conveyancer before the property is marketed. | 5 business days after exchange |
| VIC | The property is sold when both parties have signed. The seller must give you a section 32 vendor statement before you sign. | 3 clear business days from signing |
| QLD | Seller disclosure statement and prescribed certificates must be given before you sign (scheme in force from 1 August 2025). | 5 business days from receiving the signed contract |
| WA | Usually an offer and acceptance; once accepted the signed document is a binding contract. | None required; the parties can add one |
| SA | The seller must serve a Form 1 disclosure statement. | 2 business days |
| TAS | Governed by the Property Agents and Land Transactions Act 2016. | No cooling-off provision in that Act; check your contract |
| ACT | The seller must give “required documents” with the proposed contract. | 5 working days |
| NT | Contract rules are set by NT law. | Check with the NT Government, which publishes the rule |
Sources for each row are listed above. The NT Government’s property pages could not be read for this guide, so confirm the NT position with the NT Government or an NT conveyancer.
What the seller must give you
The documents differ by state. In Victoria the section 32 statement covers title, mortgages, covenants, easements, zoning and outgoings. In Queensland the buyer must receive the completed disclosure statement and prescribed certificates before signing. In the ACT the required documents include a copy of the Crown lease, a current certified extract from the land titles register and, for most houses, building and pest inspection reports from the seller. In South Australia it is the Form 1. A fuller comparison is in contract of sale and exchange.
Deposit and settlement
Deposit rules are set by the contract and state law. In Victoria, a deposit held by an agent cannot be released to the seller until 28 days after the contract is signed, and early release needs an unconditional contract. In Western Australia no deposit is required by law but an amount is usually negotiated and, generally, paid within seven days after acceptance. Settlement is the date in the contract; in Victoria it is usually 30 to 90 days after the contract.
If you are not an Australian citizen or permanent resident
Foreign persons generally need approval before buying residential property, regardless of value, and from 1 April 2025 to 30 June 2029 are generally banned from buying established dwellings. This is a federal rule that applies in every state. See foreign buyers and FIRB.
What it costs
Fees for a conveyancer or solicitor vary by provider. NSW Government advises asking for an itemised estimate before work starts, because you also pay disbursements such as title searches and registration fees. Other costs can include inspections, a valuation, insurance, purchase duty and strata levies. Duty is calculated by each state; see the state pages.
Which professional to consult
A conveyancer or solicitor reviews the contract, checks title and handles settlement; see conveyancer. A building inspector reports on the condition of the property; see building inspector. A mortgage broker can compare lenders; see mortgage broker. Check any licence on your state’s official register yourself.
Frequently asked questions
Do the rules depend on where I live or where the property is?
On where the property is. Each state and territory sets its own contract, cooling-off and disclosure rules.
Can I sign the contract before a conveyancer reads it?
You can, but the contract can bind you once signed or exchanged. Having it reviewed first is the advice of the state government pages used here.
Is there always a cooling-off period?
No. It does not apply to auctions, and Western Australia has no mandatory period. See cooling-off period.
Who pays for the inspections?
You commission and pay for them. They are separate from any report the seller supplies.
Is a verbal agreement enough?
In the states covered here the contract is a written document signed by the parties. Do not rely on a verbal promise from an agent.
More guides on buying
- Building and pest inspection before you buy
- Buying at auction in Australia: the rules by state
- Contract of sale and exchange: what you sign, by state
- Conveyance duty in the ACT and the Home Buyer Concession
- Cooling-off period when buying a home, by state
- First home buyer stamp duty concessions in each state
- First home owner grants compared across the states
- Foreign buyers and FIRB approval for a home
- Foreign purchaser surcharge duty in each state
- Land titles register and title search in Australia
- Land transfer duty in Victoria: rates and concessions
- Property transfer duty in Tasmania: rates and relief
- Settlement and electronic conveyancing in Australia
- Stamp duty in South Australia: how to find your figure
- Stamp duty in the Northern Territory: formula and discount
- Strata title and body corporate: what to check by state
- Transfer duty in NSW: 2026/27 rates and first home buyers
- Transfer duty in Queensland: rates and home concessions
- Transfer duty in Western Australia: rates and first home
Sources
- Contracts and deposits when buying property in NSW (nsw.gov.au) (consulted 14 October 2026)
- Buying property by private sale (Consumer Affairs Victoria) (consulted 14 October 2026)
- Cooling-off period for residential property contracts (qld.gov.au) (consulted 14 October 2026)
- Seller disclosure scheme (qld.gov.au) (consulted 14 October 2026)
- Sale by offer and acceptance (Consumer Protection WA) (consulted 14 October 2026)
- Cooling-off period (SA Law Handbook) (consulted 14 October 2026)
- Civil Law (Sale of Residential Property) Act 2003 (ACT), republication 1 November 2025 (consulted 14 October 2026)
- Property Agents and Land Transactions Act 2016 (Tasmania) (consulted 14 October 2026)
- Conveyancing for property buyers and sellers (nsw.gov.au) (consulted 14 October 2026)
- Settlement (Consumer Affairs Victoria) (consulted 14 October 2026)
- Residential real estate (Foreign Investment in Australia, Treasury) (consulted 14 October 2026)