The Cooling Off Period is the period after a buyer enters a contract to buy home or land in which the buyer can terminate the contract without having to provide a reason or justification to the seller. Notification must be provided in writing.
How long does it last for?
5 business days
What day does it start?
The day the buyer receives a signed contract executed by all parties. If this day is a weekend, the cooling off period starts from the next business day.
When does it end?
At 5pm on the 5th day
Are there costs?
The seller has the right to charge the buyer a penalty of 0.25% of the purchase price. If a larger deposit has been paid, then the balance of the deposit must be returned to the buyer within 14days.
Can the buyer waive the cooling off period?
Yes but it must be provided in writing.
Can the seller waive the cooling off period?
What is exempt from a cooling off clause?
A contract where the property is purchased at auction or is purchased before 5pm the day after the auction and the buyer was a registered bidder. Some other exclusions apply however these should be discussed with your legal representative.
The above information is general in nature and does not constitute legal advice. This information has been summarised from and can be viewed in full at the Queensland Government website.
It is strongly recommended buyers and sellers seek legal advice to answer any questions about their individual circumstances.