What "Under Contract" Means in Queensland and What Sellers Should Know

Under Contract vs Under Offer: what is the difference?

In Queensland, a property is Under Contract when a buyer and seller have signed a contract of sale. This is a legally binding agreement, though it may still be subject to conditions. Under Offer is often used interchangeably by agents but technically means the seller has received an offer and is considering it, no contract has been signed yet.

What does Conditional mean?

Most contracts in Queensland are initially conditional. Common conditions include:

• Finance condition: The buyer has a specified number of business days (typically 14 to 21) to obtain formal finance approval from their lender. If finance is declined and the buyer exercises the condition properly, the contract terminates and the deposit is returned.
• Building and pest inspection condition: The buyer has the right to commission an independent building and pest inspection. If the report reveals defects the buyer is not prepared to accept, the contract can be terminated.
• Sale of existing property condition: Less common in Brisbane's current market, but sometimes a buyer makes their purchase conditional on selling their own property first.