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.
Definition
Queensland Cooling-Off Period
Queensland cooling-off is 5 business days under the Property Occupations Act 2014 (QLD).
Quick Facts
| Duration | 5 business days |
| Penalty | 0.25% of purchase price |
| Legislation | Property Occupations Act 2014 (QLD) |
| Starts | When the buyer receives the signed contract from the seller |
| 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
- Options to purchase
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
Cooling-Off in Other States
Related Resources
- 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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