Most residential sale contracts in Queensland are subject to a five days cooling off period. In this time period, the buyer/you can still cancel the sale contract. Auction contracts for example, are not subject to a cooling off period.
“If the buyer chooses to cancel during the cooling-off period, the seller:
may deduct a penalty of up to 0.25% of the purchase price from the deposit
will need to refund the rest of the deposit within 14 days.”
