A buyer is choosing between several Brisbane homes. Which of these purchases has no cooling-off period?
Correct Answer
A) A residential property purchased at auction
Properties purchased at auction in Queensland are not subject to cooling-off periods because buyers are expected to have completed their due diligence before bidding. The competitive nature of auctions requires immediate commitment from successful bidders.
Why This Is the Correct Answer
Section 160 of the Property Occupations Act 2014 (Qld) excludes contracts formed on a sale by auction from the cooling-off provisions. Auction bidders are expected to finish their due diligence before bidding, and the contract binds on the fall of the hammer.
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More Contracts Conveyancing Questions
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