The REIQ contract allows for a cooling off period that can be effectively used by the buyer. The
duration of the cooling off period in QLD is five business days commencing from the date when the
buyer enters into a binding contract. The buyer becomes bound only after receiving the contract
papers signed by both parties
A contract is exempt from the cooling-off period for:
• a sale by auction
• a follow-up sale after an unsuccessful auction (before 5pm on the second business day), in
which the buyer was a registered bidder
• an option contract (or a sale contract formed as the result of an option contract).
The cooling-off period also doesn’t apply if the buyer is:
• a publicly listed corporation (or their subsidiary)
• the State or a statutory body
• buying at least 3 lots at the same time (whether or not in the same contract).
The benefit of a cooling off period is that it gives the buyer the right to terminate the contract any
time during these days. However, a termination penalty of 0.25% of the contract price may be
deducted.
Consult RCB Law prior to signing the REIQ contract for a review of the contract and have one of our
experienced conveyancers and lawyers explain your contractual rights and obligations
