What are the cooling-off periods for property sales in Queensland?
The cooling-off period is a short window of time that gives residential property buyers the right to cancel a signed contract without question.
In Queensland, it only applies to buyers (not sellers) and is limited to standard residential sales (excluding auctions and certain off-market deals).
If you’ve just signed a contract to sell or buy a property, you might be wondering: Can either party back out, and under what conditions? That’s where Queensland’s cooling-off period comes in.
Whether you’re a seller or a buyer on the Gold Coast, understanding how this legal grace period works can help you avoid unpleasant surprises, reduce stress, and maintain control over your sale.
How Long Is the Cooling-Off Period in Queensland?
The cooling-off period in Queensland is:
5 business days
…starting on the day the buyer receives the signed contract (or the next business day if received after hours).
Example:
- Buyer receives the contract on Monday
- Cooling-off period ends at 5:00pm Friday (assuming no public holidays)
The countdown starts from the date the buyer is given a copy signed by all parties, not the date the buyer signs.
Can the Buyer Cancel the Contract During This Time?
Yes. The buyer can terminate the contract for any reason during the cooling-off period—no explanation required.
They simply need to provide written notice (usually via email or fax) before 5:00 pm on the last business day of the period.
Is There a Penalty for Cancelling?
Yes, but it’s minimal.
If a buyer cancels during the cooling-off period, the seller can legally deduct up to 0.25% of the purchase price from the deposit.
Example:
- Sale price: $900,000
- Cancellation penalty: $2,250
- Remainder of deposit is refunded to the buyer
The buyer forfeits that amount as compensation for the seller’s time off-market.
What Types of Sales Don’t Have a Cooling-Off Period?
Cooling-off periods do not apply in these cases:
Property purchased at auction
- Sales concluded within 2 business days of a failed auction
- Some commercial or rural property sales
- Where the buyer waives their cooling-off rights in writing
Can a Buyer Waive the Cooling-Off Period?
Yes. The buyer can choose to waive their cooling-off period, typically to strengthen their offer in a competitive situation.
To do so, they must sign a lawyer-issued certificate confirming that:
- They’ve received legal advice
- They understand the implications
As a seller, you can’t force a buyer to waive this right, but you can negotiate it as part of the offer.
How Does This Affect You as a Seller on the Gold Coast?
You must:
✅ Disclose the buyer’s right to a cooling-off period in the contract
✅ Understand the buyer can terminate within 5 days (and possibly walk away)
✅ Return the buyer’s deposit (minus 0.25%) if they cancel within this timeframe
✅ Keep the property “warm” with backup interest until the contract goes unconditional
Seller Tip: Plan for Cooling-Off in Your Sale Timeline
- Don’t pop the champagne too early; contracts are not locked in until the cooling-off period ends (and special conditions like finance/building are satisfied).
- Avoid accepting back-up offers during the cooling-off period unless your agent clearly communicates each party’s position.
- Stay in close contact with your solicitor to manage deadlines and communications smoothly.
On the Gold Coast, Here’s How It Usually Plays Out
Most residential buyers:
- Use the cooling-off period to secure finance or clarify due diligence
- Rarely cancel unless they find something unexpected
- May negotiate better terms in exchange for waiving it (like a quicker settlement)
As a seller, working with an agent who understands these details ensures you stay in control, even during this legally flexible phase.
Selling a home on the Gold Coast involves more than paperwork and open homes. The legal side—from cooling-off to conditions—can impact your timeline and peace of mind.
Let’s walk through it together.
FAQs: Cooling-Off Period in Queensland Property Sales
1. Can I cancel the contract as a seller during the cooling-off?
No. The cooling-off period only gives the buyer the right to cancel.
2. Do all buyers get the cooling-off period automatically?
Yes, unless they choose to waive it in writing with legal advice.
3. What happens if a buyer cancels late on the final day?
If it’s before 5:00pm on a business day and notice is valid, cancellation stands, even at the last minute.
4. Is the 0.25% cancellation penalty negotiable?
No. It’s fixed under Queensland law and applies automatically if the buyer cancels.
5. Can the cooling-off period be extended?
Only if both parties agree in writing, but it’s uncommon.
In Queensland real estate, knowledge is power, and timing is everything.
Let’s get your property sold with confidence and legal clarity.
More Smart Seller Questions Answered
Overpricing Your Property on the Gold Coast? Here’s What It Could Cost You
It’s tempting to list high and “test the market,” but on the Gold Coast, overpricing your property can do more harm than good. Today’s buyers are well-researched and quick to spot when a home is priced beyond its value.
An inflated price tag can lead to fewer inspections, minimal offers, and a listing that lingers on the market. Worse, the longer your property sits unsold, the more buyers begin to wonder what’s wrong with it. Eventually, you may be forced to reduce the price, sometimes below what you could have achieved with the right strategy from day one.
The goal isn’t just to sell—it’s to sell smart. With the right pricing approach, you can attract serious interest, spark competition, and secure a strong result without the stress of having to backtrack. Want to know how to price it right from the start? Let’s talk.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Parkwood
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
