Real Estate Cooling Off Period Gold Coast QLD

Is there a cooling off period if I sign a contract to purchase a property?

The answer is yes. The cooling off period lasts for five business days for the sale of residential property in Queensland. Each state in Australia varies. The cooling off period commences on the day you receive a copy of the contract signed by yourself and the vendor. Suppose that day is a business day or the first business day after you receive the signed contract from the seller. The cooling off period will end at 5 pm on the fifth business day.

You can waive or shorten the cooling off period by giving a written notice to the seller.

Cooling off period Gold Coast QLD

You can cancel the contract during the cooling off period by giving a signed notice of termination to the seller. If you cancel the contract in the cooling off period then you may have to pay the seller a termination fee. This may be deducted from any deposit you have paid under the contract.

The cooling off period does not apply to the sale contracts of residential property where:

  • If the sale was made at an auction.
  • The sale contract was entered into 2 days after an auction with a registered bidder for the auction.
  • The contract formed because of the exercise of an option granted under an earlier contract if the parties to both the earlier and later contract are the same.
  • If the buyer is a publicly listed corporation or subsidiary of a publicly listed corporation.
  • If the buyer is the State or a statutory body.
  • If the buyer is purchasing at least 3 lots at the same time.

It is suggested you should always seek professional advice on any property transaction.