Reply To: Cooling off period

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#919
JaySang
Participant

Did you know in when selling a property in QLD there is a 5-day cooling-off period? If the buyer cancels the contract in this period the seller can claim .25% of the purchase price as compensation.
I found this out today. Selling an IP and the seller has used the cooling-off clause within hours of the contract expiring. They have also been less than present to my agent and through the negotiations… So its a nice little consolation withholding that .25%.
I guess you win some and you lose some…

Wow, that is a good clause in the contract! Good to know that they can’t just walk away with no penalty if they just change their mind.