Found 48 relevant pages. The strongest matches explain what “deed of variation” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• Time is of the essence: Under standard REIQ contract conditions, time remains strictly of the essence. If a Deed of Variation extending settlement to 4:00 PM on a Friday is delayed and signed by the seller at 4:05 PM, the buyer is immediately in default and faces the buyer's risk of losing their entire deposit.
• Unexpected legal costs: Sellers will frequently demand that the buyer pays their solicitor's legal fees (typically ranging from $330 to $550) to draft or review the deed if the buyer is the party requesting the contract extension or change.
• Transfer duty complications: If the variation alters the purchase price, changes the buyer entities, or modifies the property description, it can trigger a reassessment by the Queensland Revenue Office (QRO), potentially leading to thousands of dollars in extra stamp duty or severe penalty interest for late lodgement.
• Waiver of statutory rights: A poorly drafted deed might inadvertently waive your 5-day statutory cooling-off period under the Property Occupations Act 2014 (Qld), locking you into a flawed deal without your standard legal escape route.
• Lender disconnect: Changing the settlement date via a deed without simultaneously securing a formal extension from your bank can cause your formal finance approval to expire, leaving you unable to fund the purchase on the newly agreed settlement day.
• Unintended default on related contracts: If you are relying on the sale of an existing property to fund your new purchase, varying one contract without perfectly aligning the dates on the other can leave you legally bound to settle but financially unable to do so, risking a lawsuit for specific performance.