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What is a cooling-off period?
A standard contract for buying a home in Queensland comes with a five day cooling-off period. Here's what it means.
A standard contract for buying a home in Queensland comes with a five day cooling-off period. This allows the buyer to cancel the contract should they not want to go ahead with the sale. The buyer may be charged a percentage of the total purchase price for cancelling during this period, depending on the state the purchase is being made in. It might be a good idea to find out from your solicitor what the current situation is in your state before signing the contract.
When does the cooling-off period start?
The cooling-off period starts on the day the buyer receives the signed contract – the contract must be signed by both the seller and the buyer. If the signed contract is received on a weekend or public holiday the cooling-off period will start on the next business day.
When does the cooling-off period end?
The cooling-off period ends on the final (5th) day of the period at 5pm. After this time the contract cannot be cancelled unless other conditions such as finance or building/ pest issues arise and cancellation is allowed for within the signed contract.
How to cancel a sale within the cooling-off period
To cancel the contract during the cooling-off period the buyer must give written notice to the seller (or seller’s agent) and deliver it before 5pm on the 5th day of the period. The notice must be signed by the buyer.
Can a cooling-off period be waved?
A cooling-off period can be shortened or waived by providing written notice to the seller (or seller’s agent).
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