Cooling-Off Period in Queensland (QLD)
Queensland cooling-off period is 5 business days with a 0.25% penalty under the Property Occupations Act 2014. Learn when it applies, exceptions, and how to exercise your rights.
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Queensland cooling-off is 5 business days, ending at 5pm on the fifth business day under the Property Occupations Act 2014 (QLD).
Quick Facts
| Duration | 5 business days, ending at 5pm on the fifth business day |
| Penalty | 0.25% of purchase price |
| Legislation | Property Occupations Act 2014 (QLD) |
| Starts | The day the buyer receives a copy of the contract signed by both parties, or the next business day if received on a weekend or public holiday |
| How to Exercise | Written notice to the seller or their agent before the period expires |
| How to Waive | Written notice from the buyer waiving the cooling-off period (Form 32a was abolished in December 2014) |
Exceptions
The cooling-off period does not apply in the following situations in Queensland:
- Properties sold at public auction
- Where the buyer has waived the cooling-off period in writing
- Contracts formed by exercising an earlier option between the same parties
- Purchases by the State, statutory bodies or publicly listed corporations
Does Cooling-Off Apply at Auction?
No. Properties purchased at public auction in Queensland do not have a cooling-off period. The contract becomes legally binding from the fall of the hammer. This means all due diligence, including building and pest inspections, contract review, and finance approval, must be completed before auction day. If a property is passed in at auction and sold by private treaty shortly afterwards, cooling-off may also be excluded depending on the timeframe and state legislation.
Can the Cooling-Off Period Be Waived?
Yes. In Queensland, the cooling-off period can be waived via: Written notice from the buyer waiving the cooling-off period (Form 32a was abolished in December 2014). This is common in competitive markets where vendors prefer certainty, but it removes your right to withdraw without penalty. Always seek independent legal advice before agreeing to waive cooling-off.
Frequently Asked Questions, QLD Cooling-Off
Queensland's cooling-off period is 5 business days under the Property Occupations Act 2014, ending at 5pm on the fifth business day. It begins the day the buyer receives the contract signed by both parties, or the next business day if that lands on a weekend or public holiday. The seller may deduct up to 0.25% of the purchase price if the buyer terminates during it.
Yes, the cooling-off period can be waived by the buyer providing written notice. The former Form 32a waiver certificate was abolished in December 2014 under the Property Occupations Act 2014.
No. Properties purchased at auction in Queensland have no cooling-off period. You must complete all due diligence before bidding.
Cooling-Off in Other States
Related Resources
- QLD Contract Review Guide, Cooling-off only matters after you sign. Check what's in the QLD contract first.
- Exchange of Contracts Explained, Understand what happens when contracts become legally binding.
- Pulling Out After Signing a Contract, Your options and financial consequences if you change your mind.
- How to Read a Property Contract, A buyer's guide to understanding every clause before you sign.
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