Buying a home in Queensland: the cooling-off period
The cooling-off period is short, so it helps to have a solicitor lined up before you sign. This is how it works, from the Queensland Government's Office of Fair Trading.
Five business days
A cooling-off period of five business days applies to contracts for the sale of residential property. It starts the day the buyer receives a copy of the contract signed by both parties, or the next business day if that falls on a weekend or public holiday. It ends at 5pm on the fifth business day.
What pulling out costs
If the buyer ends the contract during cooling-off, the seller may keep up to 0.25% of the purchase price from the deposit. The rest must be refunded within 14 days.
When there is no cooling-off
There is no cooling-off period for auction sales, for a sale to a registered bidder before 5pm on the second business day after an auction that didn't sell, or for option contracts. It also doesn't apply to some buyers, such as listed companies and people buying three or more lots at once.
Choosing a solicitor
Ask what their conveyancing fee includes, and check they hold a practising certificate. The Queensland Law Society's free referral service finds solicitors by area of practice and location.
Official sources
- Office of Fair Trading: cooling-off period
- Queensland Government: buying a home
- Queensland Law Society: find a solicitor
General information only, not legal, financial or building advice. Checked against these sources in November 2026; rules change, so check the source before you rely on it.