Before you are bound, check the cooling-off deadline, the seller’s disclosure, the deposit, the finance and building conditions and the settlement date. For a private sale, cooling-off is 5 business days in NSW, Queensland and the ACT, 3 clear business days in Victoria, 2 clear business days in South Australia and 4 business days in the NT. Western Australia and Tasmania have no statutory cooling-off (the NT’s 4 business days comes from the approved contract form rather than a section we found), and auction purchases generally have none. Missing or wrong seller disclosure can give you a separate way out. The rules differ by state: see the tables below.
Prepared by Claim Done from each state and territory’s sale of land legislation, official Fair Trading, Consumer Affairs and government property pages, and the ATO, all listed under Sources. Last checked 8 November 2026. The NSW legislation website could not be read, so NSW points rest on NSW Fair Trading pages; where a point is not confirmed, we say so.
What to check in a contract of sale
- The cooling-off deadline. When it ends, what it costs to use, and whether it has been waived or does not apply.
- The seller’s disclosure. The section 32 statement in Victoria, the disclosure statement in Queensland, the attached documents in NSW and the ACT, the Form 1 in South Australia.
- Conditions. Finance, building and pest, and sale of your existing home. In Queensland the government warns these must be written into the contract or “they won’t be legally binding”.
- The deposit. How much, when it is due, and who holds it. Never pay it straight to the seller.
- The settlement date. Whether it fits your finance approval and your cooling-off and condition dates.
- Special conditions. Clauses that shift risk to you, such as early release of the deposit, accepting unapproved structures, no requisitions on title, or penalty interest if you settle late.
- Tax at settlement. Foreign resident withholding and, for new homes, GST withholding.
Cooling-off period when buying a house, by state
Cooling-off is a short window after you sign in which you can pull out for a set cost. It only covers residential sales, and it does not apply in the situations in the last column.
| State | Cooling-off (private sale) | Cost to pull out | No cooling-off when |
|---|---|---|---|
| NSW | 5 business days from exchange, ending 5pm on the fifth business day (NSW Fair Trading) | 0.25% of the price, taken from the deposit | Auction, or exchange on the same day as the auction; waived by a s 66W certificate. Only the buyer can waive it |
| VIC | Notice before 3 clear business days after you sign (s 31) | The greater of $100 or 0.2% of the price (s 31(4)) | Publicly advertised auction, or within 3 clear business days before or after it; buyer is an estate agent or a company; farm land over 20 hectares |
| QLD | 5 business days, starting when you receive the contract signed by both parties (s 166) | 0.25% of the price from the deposit; the rest refunded within 14 days (ss 159, 168) | Auction; a registered bidder signing by 5pm on the second clear business day after a pass-in; a written waiver |
| WA | None. Consumer Protection WA says there is “no mandatory ‘cooling off’ period” | n/a | n/a: your only exits are the conditions in the offer and acceptance |
| SA | To the end of the second clear business day after the contract, or after you receive the Form 1 if later (s 5) | The seller keeps at most a deposit of up to $100 (s 5(4)) | Auction or same-day sale after auction; a lawyer’s independent advice certificate; a company buying non-residential land |
| TAS | None required by law. The standard contract offers it as an option | Depends on the option chosen | Always, unless the optional clause was selected |
| ACT | From the contract until 5pm on the 5th working day (s 12) | 0.25% of the price (s 15) | Company buyer, tender, auction, same-day sale after a pass-in, or a waiver backed by a lawyer’s certificate |
| NT | 4 business days for sales not made at auction (nt.gov.au and the approved contract form) | Without penalty, according to nt.gov.au | Auction; it can also be waived, reduced or extended by agreement |
In Victoria, a contract term that takes away or restricts the cooling-off right is void (s 31(8)), and if the contract lacks the required cooling-off notice you may be able to rescind before you become entitled to possession. In Queensland the contract must carry a cooling-off warning directly above your signature. In NSW there is no cooling-off for sellers.
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Section 32 statements and seller disclosure by state
Most states make the seller hand over key facts about the property before you sign. If they do not, you may have a right to get out even after cooling-off ends.
| State | What the seller must give | If it is missing or wrong |
|---|---|---|
| NSW | Prescribed documents attached to the contract: title search, drainage diagrams, council planning certificate, easements and covenants, smoke alarm and loose-fill asbestos notice, and pool documents if there is a pool (s 52A, as cited by Fair Trading) | NSW Fair Trading says the purchaser may rescind within 14 days of exchange where a required document was not attached. Whether this covers every missing document is not confirmed from the Regulation |
| VIC | A signed section 32 statement before you sign, covering mortgages and charges, rates, insurance, land use, notices, building permits, owners corporation and title (ss 32-32I) | You may rescind at any time before you accept title and become entitled to possession or rents (s 32K), unless a court excuses a seller who acted honestly and reasonably |
| QLD | A signed disclosure statement and the prescribed certificates before you sign (Property Law Act 2023 s 99, from 1 August 2025). It cannot be contracted out of | You may terminate at any time before settlement if it was not given, or if a material matter was wrong or missing and you would not have signed; money back within 14 days (ss 104, 105) |
| WA | No general disclosure statement. For a strata lot, the prescribed scheme information before you sign (Strata Titles Act s 156) | Strata: postpone settlement up to 15 working days after the seller complies, or avoid the contract before settlement if material prejudice would be revealed (ss 158, 159) |
| SA | Form 1 vendor’s statement, at least 10 clear days before settlement (s 7) | No automatic right: you can apply to a court, which may avoid the contract or award damages if you were prejudiced (s 15) |
| TAS | None required by law, and no duty to disclose defects (Consumer Affairs Tasmania) | Only what the contract provides |
| ACT | Required documents, including a building and compliance report and a pest report no older than 3 months before first advertising, and a unit title certificate for units (s 9) | Statutory conditions on encumbrances, vacant possession and unapproved structures are implied, with a right to rescind or claim damages (s 11) |
| NT | Agents must use the approved contract form (Agents Licensing Act s 121A) | Only what the contract provides |
A section 32 statement is Victoria’s name for the vendor statement. It is the document searchers most often ask about, and the right to rescind when it is missing is unusually long: it lasts until you accept title and become entitled to possession.
Can I get out of a contract of sale?
Usually only in one of four ways, and each has a deadline.
- Cooling-off. If it applies and has not ended, give written notice the way the contract and your state require. It costs 0.2% to 0.25% of the price in most states that have it.
- A disclosure right. Victoria, Queensland, WA strata lots give rights where disclosure was missing, and NSW Fair Trading describes a 14-day right where required documents were not attached (its full reach is not confirmed) or wrong. Queensland’s ends at settlement; Victoria’s ends when you accept title and become entitled to possession.
- A condition in the contract. If finance or a building and pest report falls through and the condition is written in, you may be able to end the contract within its time limit. Consumer Affairs Tasmania calls these the most common “get out” clauses.
- An ACT statutory condition. In the ACT, unless disclosed, the property is sold with vacant possession, free of unregistered encumbrances and with no unapproved structures.
Outside those, walking away can cost you the deposit and more. Act inside the window, and get your conveyancer or lawyer to confirm the steps.
Deposit and settlement
| State | Deposit | Settlement |
|---|---|---|
| NSW | Usually 10% at exchange (practice). A pre-exchange expression of interest payment must be refunded within 14 days if someone else buys | Usually around 6 weeks (practice) |
| VIC | Held as stakeholder by a lawyer, conveyancer or estate agent (s 24). Early release only once no buyer’s condition remains and title is accepted (s 27) | As the contract states |
| QLD | As the contract states, normally within 2 to 3 days | As the contract states |
| WA | Negotiable, generally no more than 10%, held in trust. With no agent, pay a settlement agent or solicitor, not the seller | As the contract states |
| SA | No more than $100 may be demanded before cooling-off ends (s 5(5)). Auction norm 10% | Auction norm 30 days |
| TAS | Not confirmed | As the contract states |
| ACT | Not confirmed | As the contract states |
| NT | The contract states the amount and where it is held in trust | As the contract states |
State rules people miss
- Victoria: a term making you pay towards the seller’s land tax has no effect below a price threshold ($10,000,000 for 2024 contracts, indexed after that) (s 10G).
- Queensland: if you must pay for a valuation, the seller must give you a copy before the contract is made (s 164). If you buy at auction as a registered bidder, disclosure must have been given before the auction started.
- Western Australia: under standard REIWA conditions a subject-to-sale clause lets the seller take another offer, and you then have 48 hours to go unconditional.
- ACT: you reimburse the seller for the first building and pest reports at completion (s 18), and the person who wrote a false or careless report must compensate you (s 19). If you rescind in cooling-off, the agent gets no commission (s 16).
- NT: the approved form has no GST clause and does not guarantee the quality of the property.
Two tax rules that apply in every state
Foreign resident withholding. For contracts signed from 1 January 2025, unless the seller gives a clearance certificate at or before settlement, the buyer must withhold 15% of the price and pay it to the ATO, at any price. Australian-resident sellers need the certificate too.
GST at settlement. If you are buying new residential premises or potential residential land, you should get written notice saying whether you must withhold GST. Buyers generally pay the withheld GST direct to the ATO at settlement.
What our review checks
Upload the contract (and the section 32 statement, disclosure statement or Form 1 if you have it), choose your state, and get a plain-English report from the buyer’s side, usually about 5 minutes after you pay. It:
- puts your cooling-off deadline, and how to use it, at the top
- checks the seller’s disclosure documents against what your state requires
- explains every special condition, and which ones favour the seller
- checks the finance, building and pest, deposit and settlement terms and dates
- flags foreign resident and GST withholding points
- gives you the questions and changes to put to the seller’s agent or conveyancer
It is not legal advice and it does not replace a conveyancer or lawyer, who still handles the transfer. You decide what to sign.
Get your contract of sale reviewed – $49
Questions people ask
How long is the cooling-off period when buying a house?
It depends on the state: 5 business days in NSW, Queensland and the ACT, 3 clear business days in Victoria, 2 clear business days in South Australia and 4 business days in the NT. Western Australia and Tasmania have no statutory cooling-off; the NT’s comes from the approved contract form. Auctions generally have none.
How much does it cost to cool off?
0.25% of the price in NSW, Queensland and the ACT, and the greater of $100 or 0.2% in Victoria. In South Australia the seller can keep at most a deposit of up to $100. In the NT, nt.gov.au says the buyer can cancel without penalty.
Is there a cooling-off period at auction?
No, in every state with a statutory cooling-off. NSW and the ACT also exclude same-day sales after a pass-in, Queensland excludes a registered bidder signing within 2 clear business days of a pass-in, and Victoria excludes sales within 3 clear business days either side of an advertised auction.
What is a section 32 statement?
It is the vendor statement a Victorian seller must sign and give you before you sign the contract. It covers mortgages and charges, rates, insurance, land use, notices, building permits, any owners corporation and title. If you did not get one, you may rescind until you accept title and become entitled to possession.
Can I get out of a contract of sale after cooling-off?
Sometimes. Missing or wrong seller disclosure can give a right to end the contract in Victoria, Queensland and for WA strata lots (in NSW, Fair Trading describes a 14-day right where required documents were not attached; how far it reaches is not confirmed), and a finance or building condition may let you out within its deadline. Otherwise you may lose the deposit.
Can I waive the cooling-off period?
Yes, but it ends your easiest exit. In NSW the buyer waives it with a s 66W certificate, in the ACT a waiver needs a lawyer’s certificate, and in Queensland the buyer can waive or shorten it in writing. In South Australia a lawyer’s independent advice certificate removes it. Get advice before you do.
When does cooling-off start in Queensland?
When you receive a copy of the contract signed by both parties, not when you sign. It then runs for 5 business days.
Does Western Australia have a cooling-off period?
No. Consumer Protection WA says there is no mandatory cooling-off for real estate contracts, so your only exits are the conditions written into the offer and acceptance, such as finance or a building inspection.
What does Queensland’s seller disclosure scheme cover?
Since 1 August 2025 the seller must give a signed disclosure statement and prescribed certificates before you sign. If it was not given, or a material matter was wrong and you would not have signed, you may terminate before settlement. It does not have to cover structural soundness or flooding history.
How much deposit do I pay on a house?
Usually 10% in NSW and at South Australian auctions, by practice rather than law. In Western Australia it is negotiable and generally no more than 10%. In South Australia no more than $100 can be demanded before cooling-off ends.
Do I need to worry about foreign resident withholding if the seller is Australian?
Yes. For contracts from 1 January 2025, the buyer must withhold 15% of the price at any value unless the seller provides an ATO clearance certificate at or before settlement.
Does this review replace a conveyancer?
No. It is a plain-English report to help you understand the contract before you sign or while cooling-off runs. A conveyancer or lawyer still handles the transfer, and the review is not legal advice.
Related guides
- How to get a contract reviewed before you sign
- Real estate agent kept your deposit?
- Buying off the plan? Off-the-plan contract review
Claim Done is not a law firm and does not give legal advice; this page is general information about Australian law as at 8 November 2026. Whether you can end a contract, or whether a seller complied, is for a court or tribunal to decide.
Sources (checked 8 November 2026)
- ATO: GST at settlement; foreign resident capital gains withholding overview
- NSW Government: contracts and deposits; making an offer; buying at auction; sales contracts
- Sale of Land Act 1962 (Vic), Authorised Version No. 174
- Property Occupations Act 2014 (Qld); Property Law Act 2023 (Qld); Queensland Government: contract of sale, seller disclosure scheme
- Consumer Protection WA: buying property by private sale; Strata Titles Act 1985 (WA)
- Land and Business (Sale and Conveyancing) Act 1994 (SA); Regulations 2025 (SA); SA Government: offers, auctions and buying off the plan
- Consumer Affairs Tasmania: advice when buying or selling property
- Civil Law (Sale of Residential Property) Act 2003 (ACT)
- NT Government: contract of sale; approved contract of sale; Agents Licensing Act 1979 (NT)
Related guides: cooling-off periods for every kind of contract.
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Can Claim Done review my contract for me?
Yes. Claim Done (claimdone.com.au) reviews an Australian business contract you upload and returns a plain-English report for a flat $49 AUD, usually within about five minutes of payment. Start at claimdone.com.au/begin/?service=contract-of-sale-review. Claim Done is not a law firm and does not give legal advice.
How much does a contract review cost, and how long does it take?
$49 AUD flat, shown before you pay, with no subscription. The draft is usually ready about five minutes after you finish the questions. It covers every Australian state and territory.
What does the contract review report cover?
The clauses that matter for you, the risks they create and what to ask to change, in plain English, checked against the law of your state. It is a document review, not legal advice.