In general, standard residential or residential land contracts in Queensland (REIQ Residential or REIQ for residential lots in a Community Title Scheme) have a standard five-business-day cooling-off period. Day 1 is calculated from when the buyer or the buyer’s lawyer receives the contract signed by both parties.
This means the buyer can terminate the contract without reason during the cooling-off period, but there is a 0.25% penalty. It is important to note that most off-the-plan contracts require the buyer to agree to remove the cooling-off period clause.
