In Queensland, the cooling-off period for a residential property contract does NOT apply when the property is purchased:
Correct Answer
D) It is bought at auction, or by a registered bidder within 2 business days of a pass-in
Under section 160 of the Property Occupations Act 2014 (Qld), the 5 business day cooling-off period does not apply to a contract formed at auction, or to a contract entered into with a registered bidder by 5pm on the second clear business day after the property is passed in. Auction bidders are expected to complete their due diligence before bidding.
Why This Is the Correct Answer
Section 160 of the Property Occupations Act 2014 (Qld) excludes contracts formed at auction, and contracts entered into with a registered bidder by 5pm on the second clear business day after the property is passed in, from the cooling-off provisions.
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