Queensland gives residential buyers a statutory cooling-off period of five business days on most private treaty contracts. Terminate within that window and the penalty is capped at 0.25 per cent of the purchase price.
How long is the cooling-off period in Queensland?
Five business days. It starts from the day the buyer, or the buyer's agent, receives a fully signed copy of the contract, and ends at 5pm on the fifth business day.
What is the penalty if I use it?
Up to 0.25 per cent of the purchase price. On an $800,000 house that is $2,000. It is deducted from the deposit and the balance is returned to the buyer.
When does the cooling-off period not apply?
There are two main exceptions. First, contracts signed at auction (or on the same day as a passed-in auction with the buyer who bid at the auction) have no cooling-off period. Second, contracts signed within two clear business days before an auction with a party who was invited to bid are also excluded.
Can the cooling-off period be waived or shortened?
Yes, by a properly prepared solicitor's certificate. A buyer whose solicitor gives the seller a waiver certificate can waive or shorten the cooling-off period. This is common for cash buyers who want to lock the deal in.
Why sellers should care
Because a buyer who signs on the Wednesday and cools off on the Monday costs you a week of momentum. Well-priced, well-marketed properties rarely see cool-offs, but poorly qualified buyers do. A good agent qualifies before contracts are drawn.
Why buyers should care
Because five business days is not a lot of time to arrange finance pre-approval, a building and pest inspection, and legal review. Use the time wisely and do not sign anything you are not confident about.
Important note
This article is general information only, not legal advice. Queensland property law changes and every situation is different. Before you act, speak with a qualified solicitor or licensed conveyancer, and verify current requirements with the relevant Queensland Government source (Queensland Government, Queensland Law Society, Office of Fair Trading, or the QBCC where applicable).
Where to from here
Selling and want it handled properly? Book a free appraisal and I will walk you through your obligations end to end. If you just want a fast market read on your home first, Jai can give you an instant estimate.
Frequently asked questions
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