What a Brisbane Solicitor Wishes Buyers and Sellers Knew Before Signing
Property contracts have changed a lot in the past decade. There is more paperwork, more disclosure and more identity checking, and most of the stress we see comes from people meeting those steps for the first time halfway through a transaction. So we asked Jamie Brauer, Legal Practitioner Director at Conveyancing Connection (Qld), a few questions we hear most. Jamie has spent years at the sharp end of Queensland conveyancing. Below are his answers in his own words, followed by some context from our side of the desk.
1. AML searches are now part of the real estate industry process as of mid 2026. Where will the pain actually show up?
"Clients need to do AML for the Agent, their Lawyer and the Bank. It's the same process but each step is treated as a separate part of the whole. Given it also costs each time, I feel there will be frustration in what seems to be the same task being done. The friction will be where there are structures such as Trusts and Companies involved or where clients are 'represented' by third parties as everyone is then required to undergo the AML process together with verifying source funds."
What this means for you: Real estate professionals now sit inside the anti-money laundering framework alongside banks and lawyers, so a single transaction can trigger several checks. If you buy or sell through a trust or company, or someone acts on your behalf, expect more people to be verified and more source of funds evidence to be requested. Ask each party what they need up front and gather it once, so you can supply it quickly each time.
2. Foreign buyer surcharges and FIRB keep getting stricter. What mistake do families keep making?
"The main issue is the lack of understanding as to what they can buy. Established property is off limits until June 30 2029 at this stage. For new stock there are still strict requirements and costs associated with same to apply and, afterward, to finalise the purchase due to Additional Foreign Acquirer Duty. Buyers should research what they can buy, and what those costs will be."
What this means for you: Foreign buyers are generally shut out of established homes until 30 June 2029. New dwellings and off-the-plan stock remain possible, but they come with approval steps and Queensland's Additional Foreign Acquirer Duty (8% on top of standard transfer duty). Work out what you can buy and what it will cost before you start inspecting, not after you find a favourite.
3. Walk us through signing to settlement. Where does it usually get held up?
"The basic process of settlement is: Contract Signed, Deposit Paid, Finance and Building/Pest/Special Condition Approvals, Settlement. Hold ups are typically where documentation is involved and where the Banks are responsible for processing their part. If all parties are proactive and do their steps promptly, this reduces issues substantially."
What this means for you: The contract is only the start. Each stage has a date, and each date depends on someone else doing their part. You cannot control a bank's processing queue, but you can control how quickly you return documents and how early you raise a problem. Sellers benefit too, and buyer who is prompt and prepared usually makes for a smoother settlement.
4. What catches sellers off guard now, especially those who haven't sold in 15 or 20 years?
Jamie's answer focused on what has changed over that time.
"The big changes over the last decade are compliance and technology. Now there is more paperwork, disclosure and checks than ever before. It can be overwhelming having to identify yourself, and now with the Anti-Money requirements there are strict guidelines that must be followed. Additionally, the whole process has moved largely into the digital realm. From signing to settlement the whole process can be done from behind the computer."
What this means for you: If your last sale was a couple of decades ago, expect a very different experience. More disclosure, more identification and more digital signing. It is quicker in some ways and more demanding in others. Start gathering documents early, and ask your agent and solicitor to explain each step before it lands in your inbox.
5. Cooling-off periods trip people up constantly. What's the myth you correct most?
"Cooling off has always been regarded as a 'get out of jail free card'. This is not strictly accurate. If a buyer exercises their right to cool off, the seller is legally entitled to retain a financial penalty, typically 0.25% of the total purchase price from the holding deposit. On a $1,000,000 home, that is a $2,500 mistake just for changing your mind if you have paid a deposit. Furthermore, if a property is bought at an auction or within a certain window of an auction date, there is zero cooling-off period which people sometimes are not aware of."
What this means for you: In Queensland the cooling-off period is five business days, and the clock starts when the buyer receives the signed contract, not when they sign it. It can cost you 0.25% of the price to use it. At auction, or shortly after a failed auction, you may have no cooling-off rights at all, so decide before you bid.
6. Is there a clause people skim past and then regret?
"I don't think there is a condition they 'skim past' and regret as such. It is more the lack of understanding of how the conditions operate because they 'skim over' them. With conditions, there are typically strict timelines to be met and, if not met, the other party can have rights. The most dangerous is not paying the deposit on time. Failing to pay a deposit gives the Seller a right to terminate the contract by placing the Buyer in breach.
If timelines aren't being met Buyers should be pro-active about instructing the Law Firms representing them to attempt to negotiate extensions, and this should not be an end of the day conversation but one that happens the morning of the condition at latest.
Where there is a condition that requires information put into it, a failure to complete any part means the condition is not active. This often affects the finance condition when Buyers find out they have no protection under same because a single component of the condition was not completed."
What this means for you: Treat every date in your contract as a hard deadline. Put them in your calendar the day you receive the contract, pay the deposit on time, and speak to your solicitor early if a bank or inspector is running late. Also check that every field in a finance condition is completed. One missing detail can leave you without the protection you thought you had.
7. What should buyers ask about strata or community title before they sign?
"A buyer should always undertake an inspection of the Body Corporate records. This enquiry can identify disputes, special levies, defects in the property, financial information and many more substantial issues.
Additionally, you should always look for a Sinking Fund Forecast to get an idea about what the levies may look like in the future and check to see whether there are any exclusive use entitlements and, if so, what they are. The overall mindset a Buyer should have is that levies will always go up over time."
What this means for you: With so much townhouse and apartment stock across Brisbane's Inner West, this matters. Book the body corporate records search, read the minutes, and check the sinking fund forecast before you commit. Ask what the exclusive use areas actually cover. Then budget for levies that rise, not levies that stay flat.
8. What's the one legal or regulatory thing that will matter most in the next year or two?
"I don't feel there will be 'one big legal or regulatory thing' that will be occurring. Overall I feel the legal framework has shifted from the historical framework of 'Buyer Beware' to 'Seller Disclose'.
All the major changes over the last several years have been framed from the perspective that Sellers are required to disclose more and Buyers are protected from the great unknowns that come with buying real estate. This concept is likely to continue and may result in more comprehensive disclosure in the future."
What this means for you: For sellers, more disclosure means preparing earlier. Sort your paperwork before you list, not after an offer arrives. For buyers, it means better information going in, though you still need to read it.
9. Does anything change when a buyers agent is involved?
"Fundamentally, Buyers Agents now have more information to deal with. The biggest recent change though is that Buyers Agents must also undertake AML compliance off the Seller. This results in a Seller being checked by Banks, Solicitors and multiple Agents."
What this means for you: If a buyers agent is involved, expect an extra layer of identity and compliance checks on both sides. Sellers should be ready to verify their identity more than once.
The short version
- Gather identification and source of funds documents early, and expect to provide them more than once.
- Foreign buyers should confirm what they can buy, and what it will cost, before they start looking.
- Cooling-off is not a free pass. It can cost 0.25% of the price, and it does not apply at auction.
- Pay your deposit on time, and ask for extensions on the morning a condition is due.
- Complete every part of a finance condition.
- Read the body corporate records and sinking fund forecast, and expect levies to rise.
Planning a sale or purchase in the Inner West of Brisbane?
Contracts run on dates, and dates are easier to manage when they are mapped early. If you have a contract in front of you, or one coming, get in touch and we will walk you through the timeline with you and your solicitor.
Thank you to Jamie Brauer and the team at Conveyancing Connection for sharing their time and expertise. This article is general information only and is not legal advice. Speak with your own solicitor about your circumstances. Information accurate as of 29 Sept 2026.