In short
The contract of sale is the document that binds you to buy. In most states it becomes binding when both parties sign it, or in NSW when the signed copies are exchanged. Before you sign, the seller must give you disclosure documents set by their state: a section 32 statement in Victoria, a Form 1 in South Australia, a seller disclosure statement in Queensland (scheme in force from 1 August 2025) and a list of required documents in the ACT. Have a conveyancer or solicitor review the contract first.
What the contract contains
The Victorian page lists what a contract should state: the property, the names of the seller and buyer, the agent and the legal practitioners or conveyancers, the price, the deposit, the balance owing at settlement, the settlement date and any conditions (for example “subject to finance”). It must also say whether the price includes or excludes GST. List the items included in the sale (curtains, appliances); if they are not listed, claiming them later may be difficult.
Exchange and signing
- NSW: a residential property cannot be marketed until a contract is prepared by an Australian lawyer or licensed conveyancer. Each party signs one copy and the two copies are exchanged; you pay a deposit at exchange. Only your solicitor or conveyancer, not the agent, can change the contract. Exchange starts the cooling-off period.
- Victoria: the property is sold when both parties have signed the contract, and every signatory must receive a copy.
- Western Australia: the buyer makes an offer in writing. If the seller accepts and communicates acceptance, “the signed O & A becomes a binding contract of sale”. A counter-offer is not binding until both agree on all terms.
- Queensland, South Australia, the ACT: the disclosure documents in the table below must be given to you before you sign (in South Australia, at the latest 10 clear days before settlement).
- Tasmania and the Northern Territory: the contract rules are in state and territory law. The NT Government pages could not be read for this guide, and the Tasmanian Act read does not set a disclosure list. Ask a conveyancer in those jurisdictions.
What the seller must give you
| State | Document | Key points from the official source |
|---|---|---|
| NSW | Contract documents | The contract sets out the sale terms and important property information. Ask for it early so your solicitor or conveyancer can review it. |
| VIC | Section 32 vendor statement | Must be given before you sign. Covers title, mortgages, covenants, easements, zoning, outgoings, bushfire-prone declaration, and an owners corporation certificate if relevant. If it is incorrect or insufficient, a buyer may be able to withdraw or take legal action. |
| QLD | Seller disclosure statement and prescribed certificates | Must be given before you sign. Scheme began 1 August 2025 under the Property Law Act 2023. If documents are missing or the information is inaccurate or incomplete, the buyer may be able to terminate up to settlement. |
| SA | Form 1 | Served personally or by registered post. Must reach the buyer at least 10 clear days before settlement if the contract is already signed. If not served or inaccurate, the buyer can rescind until settlement. |
| ACT | Required documents (section 9) | A copy of the proposed contract, the Crown lease, a current certified extract from the land titles register, the deposited plan, encumbrances, and for most existing homes building and pest inspection reports, plus an asbestos assessment report or advice. |
| WA | No fixed list found on the page read | The offer and acceptance form is the contract. Ask your conveyancer what disclosure applies. |
| TAS, NT | Check with the authority | See the note above. |
For the Queensland scheme, the buyer must show for inaccurate disclosure that the issue was material, that they were unaware of it, and that they would not have signed had they known.
For the ACT, the building and compliance report and the pest report must be from an inspection not earlier than 3 months before the property was first advertised or offered for sale or listed by an agent. They are not required for a class A unit, and the building report is not required for a residence not previously occupied or sold as a dwelling.
The deposit
The deposit is paid at exchange (NSW) or as the contract says. In Victoria you can pay all or part, and an agent holds it in trust. “You cannot release the deposit until 28 days after the date the contract was signed”, and early release needs an unconditional contract. In Western Australia no deposit is required, but an amount is usually negotiated and generally paid within seven days of acceptance; the agent cannot release it without the consent of both parties.
Special conditions
Special conditions are terms added to the contract, such as finance or an inspection. They must be negotiated before you sign. At an auction you generally cannot add them; see buying at auction. The cooling-off period is separate from special conditions: see cooling-off period.
What it costs
The contract itself is free to sign, but the review has a cost. Conveyancing fees vary between providers; NSW Government advises asking for an itemised estimate before work starts, and disbursements (title searches, authority certificate fees, registration of the mortgage and transfer) are charged separately. Purchase duty is a state tax: use the stamp duty calculator.
Which professional to consult
A conveyancer or solicitor reads the contract and disclosure documents, explains special conditions and sends the exchange. In NSW a conveyancer needs a licence from NSW Fair Trading, which you can check at verify.licence.nsw.gov.au. See conveyancer.
Frequently asked questions
Is the contract binding as soon as I sign?
In Victoria the property is sold when both parties have signed. In NSW, exchange completes it. Cooling-off rights, if any, are described in cooling-off period.
Can the agent change the contract?
In NSW only your solicitor or conveyancer can change it, not the real estate agent.
What if the disclosure statement is wrong?
The remedies differ: withdraw or take legal action in Victoria, terminate up to settlement in Queensland, rescind until settlement in South Australia.
Do I need the contract before an auction?
Yes. In Victoria you accept the contract on display by bidding. Ask the agent for the contract beforehand.
Are the disclosure documents the same in every state?
No. The list differs by state, and the ACT, Victoria, Queensland and South Australia have their own rules.
More guides on buying
- Building and pest inspection before you buy
- Buying a home in Australia: the steps, state by state
- Buying at auction in Australia: the rules 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)
- Conveyancing and contracts for sellers (Consumer Affairs Victoria) (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)
- Form 1 (SA Law Handbook) (consulted 14 October 2026)
- Civil Law (Sale of Residential Property) Act 2003 (ACT), republication 1 November 2025 (consulted 14 October 2026)
- Conveyancing for property buyers and sellers (nsw.gov.au) (consulted 14 October 2026)