The cooling off period of 5 business days in Queensland is the length of time after the buyer receives the dated contract signed by both parties and in which a buyer can change his mind and cancel the contract. There is no cooling off period for a property purchased at an Auction.
Determining when the cooling off period commences and ends is influenced by several factors, and you should consult your solicitor to ensure you are fully aware of your rights.
If you terminate a contract under the cooling off period, the seller may deduct a penalty of up to 0.25% of your purchase price.
Terminating a contract during the cooling off period, needs to be in writing to the seller or the seller’s agent and should be delivered before 5.00 p.m. on or before the final day of the cooling off period.
A buyer can choose to waive or shorten the nominated cooling off period in writing to the seller or their agent.
Consulting your solicitor on all aspects of the cooling off period is recommended. Your solicitor can act as the person responsible for communicating with the other party, as part of your conveyancing engagement.