You’ve Just Signed a Contract – What Happens Next?

Your Guide from Contract to Unconditional in Queensland (Part 1)

You’ve signed the contract, taken the celebratory photo, and maybe even started planning furniture layouts. It’s an exciting moment — but your purchase isn’t quite “locked in” yet.

In Queensland, once a contract is signed, you enter a crucial conditional period. This is when your finance is confirmed, inspections are done, and key dates must be met. What you do in this window can make the difference between a smooth path to settlement and a stressful scramble.

At SMS Law, we guide buyers through this stage every day. This article is Part 1 of our “Buying in Queensland” series and explains what happens between signing the contract and it going unconditional — and what you need to do to stay in control.

Know Your Key Dates

One of the first and most useful things you can do is understand the timeline you’re working within. In a standard Queensland contract, you’ll usually see:

• Cooling-off period – a short period during which you may be able to terminate the contract, subject to conditions and possible penalties.
• Finance date – the deadline by which your finance must be approved (if your contract is subject to finance).
• Building & pest inspection date – the due date for your inspection to be completed and any issues raised.
• Settlement date – the day ownership transfers to you, and the balance of the purchase price is paid.

At SMS Law, one of the first things we do is confirm these dates with you in plain language. These aren’t suggestions — they are contractual obligations. Diarise all key dates as soon as you receive the fully signed contract, with reminders a few days before each one.

Contract Conditions: Finance, Building & Pest and More

Most residential contracts in Queensland include conditions to protect you as the buyer.

• Finance condition (“subject to finance”): This means your purchase depends on your lender approving your loan for that property. You must use reasonable efforts to obtain finance by the finance date, and we will usually need formal confirmation from your lender or broker upon approval. If finance isn’t ready on time, we can advise you about seeking an extension or, in some cases, your rights to terminate — always guided by your contract and deadlines.

• Building & pest condition: Your building & pest inspection lets you check what you’re really buying. A typical condition allows you to arrange a professional inspection and receive a written report. You can then decide, with advice, whether to proceed, negotiate, or, in some circumstances, terminate. At SMS Law, we help clients understand what’s routine for the age and type of property, and what might warrant negotiation or further investigation.

• Special conditions: You may also see conditions about the sale of your current property, required repairs, or specific inclusions. We explain what each of these means in practical terms and what needs to happen to satisfy them.

The SMS Law Concierge List

Our clients also receive a curated concierge list of recommended services to help them stay in control, plan ahead and enjoy settlement day knowing they have everything taken care of. To make move-in day stress-free, we recommend reviewing your concierge list regularly and contacting the service providers you need for insurance, building and pest inspections, etc.

Who Does What – And Your First 48–72 Hours

Many buyers feel overwhelmed simply because they’re not sure who is responsible for what. In the first 48–72 hours after signing, we encourage clients to understand who does what and to record all key dates.

• SMS Law: We review your contract, explain your rights and obligations, order searches, track deadlines and communicate with the seller’s solicitor. Your role with us is to provide documents promptly, read and sign what’s sent to you.
• Home Insurance: You need to ensure your new policy is active. In QLD, risk usually passes to you on the business day after the contract is signed.
• Building & Pest Inspection: You need to book your inspection to gain a clear, unbiased understanding of the property’s actual condition and identify any structural faults or pest activity before you commit to the purchase. This due diligence is your best protection. Attend (or review) your building & pest inspection and report, and give us clear instructions.
• Broker or lender: They assess your financial position, organise approval, valuations and loan documents.
• Real estate agent: They coordinate access and pass on practical messages, acting for the seller.

Moving from Conditional to Unconditional

Once finance is approved, building & pest is satisfied (or waived on advice), and any special conditions are met, your contract generally becomes unconditional. That’s a major milestone. In Part 2 of our “Buying in Queensland” series – How to Prepare for Property Settlement: The Pre-Settlement Sprint, we explain what to do between going unconditional and settlement day so you can move in with confidence.

By ticking these boxes early, you can focus on the celebration, rather than the piles of paperwork. Talk to us today and get it right the first time. With us, you receive an experienced, professional conveyancer who understands the intricacies of the property landscape for a seamless property journey. Call us on 07 3667 8966 or email us through the online enquiry form. Follow our Facebook page and our LinkedIn page to keep up to date with new tips.