Contract

Contains the details of your property and the conditions of the sale. Your real estate agent will prepare a standard QLD Government sale contract on your behalf to be signed firstly by the buyer and then by you, the seller. You only sign this document if you agree to all the terms and conditions offered by the buyer.
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Cooling-off period

Once seller signed contracts are received by the buyer or the buyer's solicitor, a 5 day cooling-off period begins. This period allows the buyer to make any enquiries they wish about your neighbourhood etc. If you're selling by auction, there is no cooling-off period and 5% or 10% deposit is paid on the spot and contracts are unconditional immediately.
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Initial deposit

The buyer will put down a deposit at the time they sign the contract in order to secure the property and as a sign of good will. This amount will vary however it is generally around $1000.00.

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Unconditional contracts

Once you sign and date the contract, any conditions on the contract will need to be met before it is accepted that the sale is definite.  These conditions can involve finance, building and pest inspections or any special conditions added to the contract. Once the contracts are unconditional, if either party backs out of the deal proposed, they may be liable for costs.

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Balance of deposit

The balance of the deposit (generally 5% or 10%) must be paid by the buyer, at the time the contract becomes unconditional. This is usually at finance date and is often 14 to 21 days after the contracts are signed by you. The deposit is held by your agent in a Trust Account where, in QLD, it earns no interest for seller, buyer or agent.

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Settlement period

Once contracts are unconditional, the settlement period begins (normally another 14 to 21 days). You can use this time to find another house (if you haven't already), organise your finances and arrange your move.

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Settlement day

The buyer pays the balance of the purchase price and picks up the keys from your agent. Normally your bank and solicitor will take their fees out of the settlement proceeds and send you a cheque for the remainder. Your estate agent will take their commission and any fees due from the deposit then send you a cheque for the balance.