Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 166

166 Cooling-off period

(1) The
"cooling-off period" , for a relevant contract, is a period of 5 business days—

(a) starting on—

(i) the day the buyer receives a copy of the relevant contract signed by both parties from the seller; or

(ii) if the buyer receives a copy of the relevant contract signed by both parties from the seller on a day other than a business day, the first business day after the day the buyer receives the copy from the seller; and

(b) ending at 5p.m. on the fifth business day.

Example—

Assume the buyer receives a copy of the relevant contract from the seller at any time on a Monday. Assume also that the cooling-off period is not affected by a day that is not a business day. The cooling-off period ends at 5p.m. on the following Friday.

(2) For subsection (1) , if the buyer signs the relevant contract after the seller signed it, the buyer is taken to have received a copy of the relevant contract from the seller when the buyer has both signed the relevant contract and communicated the buyer’s acceptance of the seller’s offer to the seller.