In Queensland, buyers get a 5 business day cooling-off period on residential private treaty contracts, but not on auction sales. This post is general information, not legal advice. Always confirm the detail with your conveyancer or solicitor before you rely on it.
What is the QLD cooling-off period?
Under the Property Occupations Act, residential contracts in Queensland include a 5 business day cooling-off period. It begins on the day you (the buyer) receive a copy of the signed contract. During this window you can terminate the contract for any reason or no reason at all.
What does it cost to cool off?
If you exercise your cooling-off right, the seller can retain 0.25% of the purchase price as a termination fee. On a $900,000 house that is $2,250. The rest of your deposit is refunded.
When does the cooling-off period not apply?
Three main situations:
1. Auction contracts. No cooling off, ever. 2. Contracts signed within two clear business days of an unsuccessful auction, where the buyer was a registered bidder. 3. Where the buyer waives the cooling-off period in writing (see below).
How do sellers ask buyers to waive cooling off?
Some sellers, especially those getting multiple offers, will ask you to sign a section 168 waiver as a condition of accepting your offer. This gives up your right to cool off. It is your call, but you should never waive without:
- Formal finance approval in writing (not just pre-approval). - Building and pest report back and reviewed. - Legal review complete.
If you have not done all three, do not waive.
How does cooling off interact with building and pest?
Different clauses, different rights. Most private treaty contracts also include a building and pest condition that lets you terminate if the inspection is unsatisfactory, usually with no termination fee. That means you often have two separate termination rights running in parallel. See Building and pest inspections for how to use each one.
Can the seller cool off?
No. Cooling off is a buyer's right only. Once the contract is signed, the seller cannot back out unless the buyer defaults or the contract fails on its conditions.
What should I do in the 5 days?
Treat the cooling-off period as your final safety net, not your primary due diligence. Ideally you have already inspected multiple times, checked flood zones, confirmed finance, and read the contract before you signed. The cooling-off period is there for the unexpected: a change in circumstance, a red flag from your conveyancer, or a serious issue that comes up in a follow-up conversation.
How do I actually terminate during cooling off?
Written notice to the seller (usually through your conveyancer or solicitor), delivered before 5pm on the fifth business day. Your conveyancer will handle the mechanics. Do not verbally tell the agent and assume that counts, it does not.
Once again, this is general guidance not legal advice. If you are anywhere near making a call about cooling off, ring your conveyancer first. For related buyer questions the /faq is a good starting point.
What should you do next?
Have a look at what is currently for sale on Brisbane's south side over on /properties, or send me a buying question and I will give you a straight answer.
If you will be selling a home to buy your next one, find out what yours is worth with a free, no-obligation appraisal. That number is often the missing piece that turns a wish list into a real plan.
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