Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 168

168 Terminating relevant contract during cooling-off period

(1) A buyer who has not waived the cooling-off period for a relevant contract under section 167 may terminate the contract at any time during the cooling-off period or, if that period has been shortened under section 167 (2) , the shortened period, by giving a signed notice of termination to the seller.

(2) The seller may deduct from any deposit paid under the relevant contract an amount not greater than the termination penalty.

(3) The seller must, within 14 days after the relevant contract is terminated, refund to the buyer—

(a) any deposit paid under the relevant contract; or

(b) the balance of any deposit paid under the relevant contract after deducting an amount of not more than the termination penalty.

Penalty—

Maximum penalty—200 penalty units.

(4) An amount payable to the buyer under subsection (3) is recoverable as a debt.