In Queensland, the standard cooling-off period for a residential property contract is:
Correct Answer
D) 5 business days
Under section 166 of the Property Occupations Act 2014 (Qld), the cooling-off period for a residential contract is 5 business days. It starts on the day the buyer receives a copy of the contract signed by both parties, or the next business day if that day is not a business day, and ends at 5pm on the fifth business day.
Why This Is the Correct Answer
Section 166 of the Property Occupations Act 2014 (Qld) sets the cooling-off period at 5 business days, running from the day the buyer receives the contract signed by both parties and ending at 5pm on the fifth business day.
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