Understand Contracts When Selling Property in Southport
📑 Understanding Contracts When Selling Property in Southport
By Norton Real Estate | Southport Seller’s Guide | 750 Words
🏡 Introduction: Why Contracts Matter When Selling in Southport
Selling property in Southport—one of the Gold Coast’s most dynamic and in-demand suburbs—can be a lucrative opportunity, but it’s important to understand the legal framework that underpins every sale: the contract of sale.
Whether you’re selling a family home, unit, townhouse, or investment property, knowing what’s in your contract, what your obligations are, and how to manage the process effectively is key to ensuring a smooth, stress-free sale.
Here’s what every Southport property seller needs to know about contracts in 2026.
📋 What Is a Contract of Sale?
The contract of sale is a legally binding agreement between the seller (vendor) and the buyer, outlining all key terms of the property transaction. It becomes binding once both parties sign and exchange the contract, and the buyer pays a deposit.
In Queensland, contracts must be in writing and are usually prepared using standard REIQ (Real Estate Institute of Queensland) contracts, often by your agent or solicitor.
🧾 What’s Included in a Contract?
Your contract will include:
Details of both parties (buyer and seller)
Property address and legal description
Sale price and deposit amount
Inclusions and exclusions (e.g. appliances, fixtures)
Settlement date (typically 30–60 days)
Special conditions (e.g. subject to finance, pest & building inspections)
Cooling-off period details
Disclosures (such as body corporate info, easements, or known defects)
📆 Key Milestones in the Contract Process
1. Pre-Contract
You’ll work with your agent and/or solicitor to prepare the contract based on your preferred terms. This will be provided to interested buyers upon request or offer.
2. Offer & Negotiation
When a buyer makes an offer, they’ll either sign a completed contract or negotiate on terms (price, settlement date, conditions). Once both parties agree and sign, the contract becomes conditional or unconditional.
3. Deposit Paid
The buyer will pay an agreed deposit (typically 5–10%), which is held in trust until settlement.
4. Cooling-Off Period
In Queensland, a buyer usually has a 5-business-day cooling-off period (unless waived), during which they can withdraw and pay a small penalty (0.25% of the purchase price).
5. Satisfying Conditions
Common conditions include:
Finance approval (usually 14 days)
Building and pest inspections (typically 7 days)
Body corporate review for units/townhouses
If these conditions are met, the contract becomes unconditional, and both parties proceed to settlement.
6. Settlement Day
On the agreed settlement date, your solicitor and the buyer’s solicitor finalise the transaction. Once complete, funds are transferred, and keys are handed over.
❗ What Sellers in Southport Should Watch Out For
Inclusions and exclusions: Be clear about what stays and what goes to avoid disputes.
Disclosure requirements: Inaccurate or missing disclosures (e.g. body corp info or unapproved structures) can result in contract termination.
Unrealistic terms: Overly strict or complex special conditions can scare off buyers.
Delays in contract execution: Ensure your agent and solicitor are prompt and communicative.
💬 What If a Buyer Terminates the Contract?
Buyers can terminate during:
The cooling-off period (with a penalty)
If conditions like finance or inspections aren’t met
If material misrepresentations are made by the seller
Once a contract becomes unconditional, termination is rare unless major breaches occur.
📞 Selling in Southport? Let’s Handle Your Sale the Right Way
At Norton Real Estate, we work closely with sellers and legal professionals to ensure every contract is clear, compliant, and structured for success.
We provide:
✅ Expert guidance through the entire contract process
✅ Support with timelines, disclosures, and negotiations
✅ Access to experienced conveyancers and legal partners
✅ Clear communication from offer to settlement
Whether you’re selling an apartment in the CBD or a family home near the Broadwater, we help you sell with confidence, clarity, and results.
⚖️ Disclaimer
This article is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Laws and processes regarding contracts may vary. Always seek advice from a licensed solicitor or conveyancer before entering or signing any contract. Norton Real Estate accepts no responsibility for actions taken based on this content.