Cooling off period

good to know

  • 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.”
  • For more information visit:

    www.qld.gov.au/law