The cooling-off period in Queensland

For most residential purchases it is 5 business days. It starts on the day you, as buyer, receive a copy of the contract signed by both parties, and ends at 5pm on the fifth business day. Weekends and public holidays don't count.

No. Cooling-off is a buyer's right only. Once the seller has signed, they are bound.

The seller can keep a termination penalty of 0.25% of the purchase price, taken from your deposit. On a $700,000 home that is $1,750. The rest of the deposit is refunded.

There is none if you buy at auction, or if you sign after the property was passed in at auction on the same day. It can also be waived or shortened if your lawyer signs a certificate before you sign, which buyers sometimes do to win a competitive sale. Don't agree to waive it without advice.

By giving the seller or their agent written notice before the period ends. It needs to be done properly and on time. If you're unsure, call us and we'll send the notice for you.

Get your contract reviewed straight away, confirm finance with your lender, and book your building and pest inspection. Five business days goes quickly. We offer a free contract review and aim to turn it around the same or next business day.