Withdrawing an offer on a house in Queensland
Whether you can withdraw an offer in Queensland depends entirely on one thing: has the contract been signed by both parties. Before that, an offer is generally revocable. After it, you are in contract law, and the exits are narrow and priced.
Written by Michael Klein, Legal Practice Director, admitted 2003 · General information about Queensland law · Last reviewed 2026
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Before the seller signs
An offer that has not been accepted can generally be withdrawn at any time, provided the withdrawal reaches the seller or their agent before acceptance is communicated to you. Do it in writing, by email, and keep the timestamp.
The critical point is timing. Acceptance takes effect when it is communicated — so if the seller has signed and the agent has notified you, it is too late to revoke, even if you emailed a minute later.
After both parties have signed — cooling-off
Once the contract is signed by both parties it is binding, but most Queensland residential contracts carry a statutory five business day cooling-off period running from the day the buyer receives a copy of the signed contract.
A buyer who terminates within cooling-off must do so by written notice. The seller may keep a termination penalty of 0.25 per cent of the purchase price — $1,750 on a $700,000 contract. The rest of the deposit is refunded.
Cooling-off does not apply to property bought at auction, or to a contract entered into on the same day as an auction where the property was passed in. It can also be shortened or waived by a lawyer's certificate, which buyers are sometimes pressured into signing.
After cooling-off but still conditional
The remaining exits are the contract's own conditions. If the contract is subject to finance, a genuine inability to obtain approval on the terms specified allows termination with the deposit refunded. If it is subject to building and pest, the standard contract allows termination on a report the buyer is not reasonably satisfied with.
These must be exercised by written notice by the date in the contract, and one day late is fatal. Extensions must be agreed in writing before the date passes, not after.
After the contract goes unconditional
At this point withdrawing is a breach. The deposit is forfeited and the seller can pursue the resale shortfall and resale costs on top. Read our guide on pulling out of an unconditional contract before you do anything.
Auctions
A bid at auction is an offer, and the fall of the hammer is acceptance. There is no cooling-off, no finance condition and no building and pest condition unless the seller specifically agreed to one before the auction. Every check must be done before you raise your hand.
If you are considering withdrawing, the sequence of what has been signed and when matters more than anything else. Send us the contract and the email trail and we will tell you where you actually stand — call 0488 340 853.
Withdrawing an offer — common questions
Can you withdraw an offer on a house in Queensland?
Yes, if the seller has not yet accepted it — communicate the withdrawal in writing before acceptance reaches you. Once both parties have signed, you are in contract and must rely on cooling-off or a contract condition instead.
How long is the cooling-off period in Queensland?
Five business days, starting the day you receive a copy of the contract signed by both parties. It does not apply to auction purchases.
What does it cost to terminate during cooling-off?
The seller may retain 0.25 per cent of the purchase price — $1,750 on a $700,000 property. The balance of any deposit paid is refunded to you.
Can I withdraw an offer that has been verbally accepted?
Contracts for the sale of land in Queensland must be in writing and signed to be enforceable, so a verbal acceptance alone generally does not create a binding contract. Do not rely on that as a plan — get advice before acting on it.
Can I get my deposit back if I withdraw?
During cooling-off, yes less the 0.25 per cent penalty. Under a properly exercised finance or building and pest condition, yes in full. After the contract goes unconditional, no.
Is a bid at auction binding?
Yes. The successful bidder must sign the contract immediately and pay the deposit. There is no cooling-off period and no automatic finance or inspection condition, so finance and inspections must be sorted out beforehand.
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?
- How long is the cooling-off period in Queensland?
- What if the building and pest report is bad?
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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 consultationCall 0488 340 853
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