The cooling-off period in Queensland: what buyers need to know
Most buyers of residential property in Queensland get a statutory cooling-off period of five business days. It is a genuine safety net, but it is shorter than people expect and it does not apply to every contract.
Written by Michael Klein, Legal Practice Director, admitted 2003 · General information about Queensland law · Last reviewed 2026
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Contract dateDay 0
The day the last party signs and the contract is dated.
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Cooling-off period runs5 business days
Business days only, and the period ends at 5pm on the fifth.
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Notice of termination
The buyer gives signed written notice to the seller or their agent before the period ends. No reason is needed.
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Penalty deducted
The seller keeps 0.25% of the purchase price; the rest of the deposit comes back to the buyer.
There is no cooling off on auction purchases, or on a contract signed the day of a passed-in auction. Waivers are also possible by certificate.
How long you get, and when the clock starts
The cooling-off period runs for five business days. It starts on the day you receive a copy of the contract signed by both parties, and it ends at 5pm on the fifth business day. Weekends and public holidays do not count, which matters a great deal over Easter or Christmas on the Sunshine Coast.
If the contract reaches you late on a Friday, you have effectively lost part of your window before you have even read it. Send the contract to your lawyer the moment you receive it.
The 0.25% penalty
If you terminate during the cooling-off period, the seller may keep 0.25% of the purchase price. On a $900,000 Caloundra purchase that is $2,250. The rest of your deposit must be refunded to you.
To terminate, you must give written notice to the seller before the period ends. Verbal notice, or a phone call to the agent, is not enough.
When cooling-off does not apply
There is no cooling-off period where the property is bought at auction, or on the same day as an auction where the property was passed in and you were a registered bidder. It also does not apply to contracts with certain buyers such as publicly listed companies, or where you have waived it.
Waiving cooling-off is a real decision with real consequences. Sellers and agents sometimes ask for a waiver to make an offer more attractive. Never sign a waiver without advice.
Cooling-off is not the same as your finance and building and pest conditions
Buyers frequently confuse the two. Cooling-off is a short statutory right to walk away for any reason, with a penalty. Finance and building and pest conditions are contractual, usually run for 14 to 21 days, and allow termination without penalty if the condition is not satisfied.
Both sets of dates need diarising from day one. Missing a finance date by even a day can cost you the right to terminate.
Frequently asked questions
Can the cooling-off period be extended?
Yes, by written agreement with the seller before the period ends. Sellers do sometimes agree, particularly where a building and pest inspection cannot be booked in time.
Does cooling-off apply to off-the-plan contracts?
Yes, residential off-the-plan contracts generally attract the same five business day cooling-off period, and off-the-plan contracts carry additional disclosure protections as well.
Do sellers get a cooling-off period?
No. Cooling-off protects buyers only. Once a seller signs, they are bound.
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.
Related questions
The questions people usually ask next on this topic.
- How much does conveyancing cost in Queensland?
- What if the building and pest report is bad?
- What should I know before buying from a mortgagee in possession?
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Next steps
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- 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 consultationCall 0488 340 853
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