Buying a Brisbane home — the 5-day cooling-off trap

Queensland has one of the shortest residential cooling-off periods in Australia: 5 business days from the day the buyer receives the signed contract. Used well, it gives you a safety net for due diligence. Used badly, it costs you money.

How the 5 days are counted

Business days only — weekends and Queensland public holidays do not count. The clock starts the day after you receive a complete copy of the signed contract.

What you should do in those 5 days

• Send the contract to a Brisbane property lawyer immediately.
• Order a building and pest inspection.
• Confirm your finance pre-approval covers the full purchase.
• Review the disclosure documents and any special conditions.
• Verify any verbal promises are written into the contract.

The 0.25% termination penalty

If you cool off during the 5-day window, the seller may keep 0.25% of the purchase price (i.e. $1,750 on a $700,000 home). This is much cheaper than getting locked into the wrong purchase, but it is not free.

When cooling off does not apply

• Auction sales (or contracts signed within 2 business days after an auction).
• Commercial purchases.
• Where the buyer has waived cooling-off in writing (rare and not recommended).

How to cool off

Give written notice to the seller (or their solicitor) before 5pm on the fifth business day. Your lawyer will usually do this for you.