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Cooling off period

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  • 16/10/2020 at 3:25 pm #883
    LumberJack
    Keymaster

    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…

    16/10/2020 at 10:51 pm #884
    Maverick
    Keymaster

    At least that is a small consolation for you mate, hopefully, you find a new buyer soon

    17/10/2020 at 10:36 am #886
    LumberJack
    Keymaster

    Thanks, fingers crossed. All the fun and games that come with property…

    21/10/2020 at 4:28 pm #919
    JaySang
    Participant
    R.D. wrote:

    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.

    12/11/2020 at 12:07 pm #951
    LumberJack
    Keymaster

    **Update** Got another contract on the property… for $500 more. Fingers crossed it goes through!

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