Simultaneous settlement in Queensland: selling and buying on the same day

Most people who are moving need the proceeds of their sale to fund their purchase. That means both transactions settle on the same day, in the right order, through the same electronic workspace network — a simultaneous settlement. It works well, until one link in the chain fails.

Written by Michael Klein, Legal Practice Director, admitted 2003 · General information about Queensland law · Last reviewed 2026

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How it works

Two contracts are set to settle on the same date. Your sale settles first — or more precisely, the two PEXA workspaces are linked so that funds released from the sale flow into the purchase within the same settlement window. Your outgoing lender is paid, your incoming lender advances, and the balance is drawn from your sale proceeds.

Because settlements are electronic, the mechanics are far smoother than the old cheque-exchange days. What has not changed is the dependency: your purchase cannot complete without your sale completing.

The clause that protects you

The key protection is a simultaneous settlement clause in the contract — a special condition making settlement of one contract conditional on settlement of the other, or at least requiring the other party to accept a settlement dependent on linked funds.

Without it, a failure in your sale puts you in default on your purchase: deposit forfeited, resale shortfall exposure, and interest running. With it, you have a contractual answer to what happens if the chain breaks.

Sellers and their agents do not always accept the clause, and a buyer with an unconditional purchase and a shaky sale is in a genuinely dangerous position. That is a conversation to have before you sign the second contract, not after.

What can go wrong

Chains break in predictable ways:

The buyer of your property cannot get funds ready in time
An incoming lender is not settlement-ready — the most common single cause of delay
A payout figure for the outgoing loan is issued late or is wrong
A late title issue on either property: an undischarged mortgage, a caveat, an old encumbrance
A dispute on the day about vacant possession or damage found at the final inspection
The two settlements are scheduled for incompatible times or under different platforms

Reducing the risk

Set the settlement dates so that your sale settles the same day as, or a day before, your purchase — never the other way around. Aim for a mid-morning booking, so there is room to fix a problem before the close of business.

Ask your solicitor to insist on a simultaneous settlement special condition in the purchase contract
Have unconditional finance on your purchase, not just pre-approval
Get the payout figure for your existing loan early
Consider bridging finance as a fallback so the purchase can complete even if the sale slips
Book removalists for the following day, not settlement day
Do not arrange for a same-day handover of keys before settlement is confirmed

If the chain breaks on the day

The immediate task is to know who is in default and to protect your position. Where the failure is the other side's, penalty interest and an extension are usually the outcome. Where the failure is yours, a short extension is normally negotiable if you move quickly — the other party's solicitor generally prefers an extension to a termination.

Chained settlements are the single most common place a DIY or budget conveyance falls over, because they need a solicitor who can negotiate on the day. If you are buying and selling together, call 0488 340 853 before you sign the second contract.

Simultaneous settlement — common questions

What is a simultaneous settlement?

Where the settlement of your sale and the settlement of your purchase happen on the same day, with the sale proceeds funding the purchase. The two electronic workspaces are linked so the funds flow through in one settlement window.

Can I settle my sale and purchase on the same day in Queensland?

Yes, and most people moving home do. It requires both contracts to have the same settlement date, both lenders to be settlement-ready, and ideally a simultaneous settlement special condition in the purchase contract.

What happens if my sale falls through on settlement day?

Without a simultaneous settlement clause you are in default on your purchase — the deposit is at risk and penalty interest can run. With the clause, or with bridging finance in place, you have a route through. This is why the clause matters.

Do I need bridging finance?

Not always, but it is worth pricing as a fallback. Bridging lets your purchase complete even if the sale is delayed, which converts a potential default into a few weeks of interest.

Which settles first, the sale or the purchase?

The sale, so the funds are available for the purchase. If your dates are set the other way around you will need bridging finance or a deposit bond to cover the gap.

Can settlement be delayed by a few hours?

Usually yes, by agreement, and short same-day delays are common with electronic settlement. A delay past the settlement date is a different matter and needs the other side's written agreement to extend.

This guide is general information about Queensland law, current at the time of writing. It is not legal advice and does not take your circumstances into account. Call Coastside Law on 0488 340 853 for advice on your own matter.

Next steps

Where to go from here if this is your situation.

1Fixed-fee conveyancingBuying or selling on the Sunshine Coast — $990 to sell, $1,499 to buy, both incl. GST.See how we help
2Check the fixed feeExactly what our conveyancing costs, what is included, and what the third-party disbursements are.View our fees
3Talk it throughA short, no-obligation conversation with a lawyer at our Golden Beach office.Request a consultation Call 0488 340 853

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