What Happens After You Sign a Contract?

Signing a property contract starts a time-sensitive process. Finance, inspections, legal review, insurance and settlement preparation may all move at once, and the dates in your contract matter.

This guide explains the usual steps for a Queensland residential purchase. It is general information, not legal, financial or property advice. Your contract may be different, so follow the advice of your solicitor or conveyancer, lender and other qualified professionals.

THE FIRST 24 HOURS

Send the signed contract to your lender or broker

Provide the complete signed contract straight away. Your lender may still need a valuation, updated documents or further checks before issuing formal approval. A pre-approval is not the same as unconditional finance approval.

Send it to your solicitor or conveyancer

Ask your legal adviser to confirm the key dates, conditions and action required. Discuss anything you do not understand, including finance, building and pest, cooling-off rights, included items, title matters and settlement arrangements.

Pay the deposit correctly

Follow the contract instructions for the amount, due date and account. Independently verify payment details with the stakeholder or your legal adviser before transferring funds.

Calendar every deadline

Record finance, inspection, cooling-off, deposit and settlement dates. Add reminders several business days before each deadline so there is time to obtain advice and give any required notice.

DURING THE CONDITIONAL PERIOD

Obtain formal finance approval

Respond quickly to requests from your lender or broker. The lender may assess your income, expenses, credit position, savings, contract and the property valuation. Do not assume finance is approved until you receive clear confirmation and your adviser is satisfied with the condition.

Complete building, pest and other due diligence

Book inspections early enough to receive, review and act on the reports before the relevant date. Depending on the property, you may also need specialist advice about pools, electrical work, plumbing, structures, flooding, body corporate records or proposed renovations.

Review searches and documents

Your solicitor or conveyancer may order searches and review title, easements, rates, planning information, body corporate records and other matters relevant to the purchase. Ask what is included in their service and whether additional searches suit the property.

Do not miss notice deadlines

Contract rights often depend on notices being given correctly and on time. Send reports and finance updates to your legal adviser promptly. Obtain advice before requesting an extension, accepting a defect, negotiating a change or ending a contract.

WHEN THE CONTRACT BECOMES UNCONDITIONAL

An unconditional contract usually means the agreed conditions have been satisfied, waived or otherwise resolved. The buyer is then generally committed to complete the purchase, subject to the contract and applicable law.

Avoid taking new loans, increasing credit limits, changing employment or making large unexplained transfers without discussing the effect with your lender. A lender may perform further checks before settlement.

Confirm when insurance risk passes under your contract and arrange appropriate cover. In Queensland, the timing can be earlier than buyers expect, so obtain advice immediately after signing.

PREPARING FOR SETTLEMENT

Legal and lender preparation

Your legal adviser and lender coordinate the settlement process, including adjustments, transfer documents, loan funds and electronic settlement arrangements. Complete identification, loan and authority documents promptly.

Prepare the final funds

Your legal adviser will advise the amount needed for settlement after allowing for the deposit, loan funds and adjustments. Make sure cleared funds are available in the nominated account by the required time.

Complete the pre-settlement inspection

Inspect the property as close to settlement as your adviser recommends. Check that it is in the expected condition, included fixtures and chattels remain, rubbish has been removed and any agreed work appears complete. Report concerns immediately rather than trying to resolve them after settlement.

Plan utilities and access

Arrange electricity, gas, internet, insurance and moving logistics. Confirm with the agent and your legal adviser when keys can be released. Settlement timing can change, so keep plans flexible.

SETTLEMENT DAY

Settlement is commonly completed electronically by the legal representatives and lenders. Purchase funds are transferred, adjustments are finalised and the transfer of title is lodged.

Wait for confirmation from your solicitor or conveyancer that settlement has completed before collecting keys or entering the property. The agent may need that confirmation before releasing access.

AFTER SETTLEMENT

Store the contract, inspection reports, settlement statement, loan documents, insurance details and important property records together. Check your first loan repayment date and confirm council, water and body corporate contact details where relevant.

Change locks or access codes, test smoke alarms, locate utility shut-offs and note urgent maintenance. If the property is part of a body corporate, review meeting dates, levies, rules and contact information.

CONTRACT-TO-SETTLEMENT CHECKLIST

• Send the signed contract to your broker or lender.

• Send it to your solicitor or conveyancer.

• Confirm and calendar every condition and deadline.

• Pay the deposit using verified account details.

• Progress formal finance approval promptly.

• Book inspections and other due diligence.

• Review searches, reports and contract issues with advisers.

• Arrange insurance at the required time.

• Complete loan and settlement documents.

• Prepare cleared funds for settlement.

• Conduct the pre-settlement inspection.

• Wait for settlement confirmation before collecting keys.

• Store all purchase records in one place.

FREQUENTLY ASKED QUESTIONS

Is signing the contract the same as owning the property?

No. Signing creates contractual obligations, but ownership usually transfers at settlement after the required steps and payments are completed.

Can I change my mind after signing?

Your rights depend on how the property was purchased, the contract, any cooling-off period and other conditions. Queensland private-treaty residential contracts commonly have a five-business-day cooling-off period, while auction purchases generally do not. Ending a contract can have costs and strict notice requirements, so obtain legal advice immediately.

When should I arrange insurance?

Ask your legal adviser as soon as the contract is signed. The point at which risk passes depends on the contract and law, and it may occur before settlement.

What if finance or an inspection is delayed?

Tell your broker and legal adviser early. An extension may be requested, but the seller is not required to agree. Do not let a deadline pass without advice.

When can I collect the keys?

Usually after settlement has been confirmed and the agent has authority to release them. Confirm the practical arrangements in advance but allow for delays on the day.

PLAN THE NEXT STEP

The safest approach is to turn every contract date into a clear task with an owner, supporting document and early reminder. HomeMentor is being designed to keep those dates, reports and decisions together so buyers can see what needs attention next.

Sources checked 9 September 2026: Queensland Government property-buying guidance and Moneysmart home-buying information.