Tip of the Day: Do You Know Your Rights When Buying Property?
When making one of life’s most important decisions—purchasing a home—many buyers sign contracts under pressure from real estate agents without obtaining proper legal advice. But do you know the rights you have under Queensland property law?
In Queensland, a standard (unaltered) contract typically provides buyers with a 5-business-day cooling-off period during which they can terminate the contract without providing any reason. This period offers buyers the opportunity to reconsider their decision and seek legal advice if needed.
However, it is important to note that if a buyer chooses to terminate the contract during the cooling-off period, the seller is entitled to impose a penalty of 0.25% of the purchase price.
Note: The information provided is for informational purposes only and does not constitute legal advice. If you have any questions regarding personal or commercial legal matters, please seek professional legal advice.
