The Dream House That Almost Became a Nightmare
Sophie had always imagined owning a Queenslander home near the Brisbane River. One weekend, after a whirlwind inspection and pressure from a persuasive agent, she signed a contract on the spot. That night, doubt crept in — was the house really right for her?
Thankfully, Sophie’s lawyer reminded her of an important legal safety net:
the cooling-off period.
What Is a Cooling-Off Period in Queensland?
In Queensland, most standard residential contracts — such as the REIQ Residential Contract or contracts for residential lots in a Community Title Scheme — include a 5 business day cooling-off period.
Here’s how it works:
- Day 1 begins when the buyer (or their solicitor) receives a copy of the fully signed contract.
- During this period, the buyer can terminate the contract for any reason.
- However, there’s a small catch: the seller can deduct 0.25% of the purchase price as a termination penalty.
But Not All Contracts Have It: Beware of Off-the-Plan Sales
Here’s where things get tricky.
In off-the-plan property contracts — where you’re buying a property that hasn’t been built yet — developers often ask buyers to waive the cooling-off period altogether. Buried in the fine print, this clause can be easily overlooked.
That means if you sign and later change your mind, there’s no automatic exit — even if the property takes years to complete or your circumstances change.
Legal Tip: Don’t Rely on Regret — Rely on Advice
Cooling-off periods can be powerful, but only if they apply and if you act quickly. Many buyers lose this right simply because they don’t get the right legal advice in time.
Whether you’re buying a dream home or considering an off-the-plan investment, it’s essential to get legal advice before signing — not after.
How Ensure Legal Can Help
Ensure Legal, a Brisbane-based property law firm, specializes in reviewing contracts and protecting buyers across Queensland.
Before you commit, make sure you’re covered — legally and financially.
