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Entering contract

Information to exchange

  • Discuss the further process

Forms and documents

  • PO Form 8 (In case the agency derives a benefit as a result of a referral – if agency has no benefits, the form is not required)
  • PO Form 7 (If any beneficial interest arises agency must disclose that the seller must sign this form before entering into the contract)
  • Contract for residential house and land, or,
  • Contract for lots in a community title scheme + Disclosure statement (units, townhouses or a lot in a community titles scheme)

Actions Seller

  • Sign the contract

At the agency

  •   Prepare progress reports

  •  Prepare the contract and forms

  • We send a copy of the contract to all parties (buyers and sellers) and their solicitors

Cooling off period

All residential sale contracts in Queensland are subject to a five days cooling off period (except auctions). In this time period, the buyer can still cancel the sale contract.

If the buyer chooses to cancel during the cooling-off period, the seller:

  • may deduct a penalty of up to 0.25% of the purchase price from the deposit
  • will need to refund the rest of the deposit within 24 hours.