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.
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