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Cooling off period

Cooling off period

You may have heard the term ‘cooling off period’ – but what does this mean in terms of residential property contracts in Queensland?

  • Duration: the cooling off period in Queensland typically lasts for 5 business days.
  • Applies to residential contracts: the cooling off period is applicable to contracts for the sale of residential property, including houses, units and vacant land for residential purposes.
  • Commencement: the cooling off period starts from the date the buyer receives a fully signed copy of the contract.
  • Waiver: the buyer has the option to waive the cooling off period by providing a written notice to the seller.
  • Penalty: if the buyer withdraws from the contract within the cooling off period, they may forfeit a percentage of the deposit paid, typically 0.25% of the purchase price.
  • Exceptions: the cooling off period does not apply to certain types of property transactions such as auctions, sales by mortgagee in possession, or where the property is sold to a related party.

Should you require assistance with your contract or have any questions regarding the cooling off period, please do not hesitate to contact our friendly team on 1300 765 488.