In Queensland, if a buyer exchanges contracts on a Friday for a residential property purchase, and no special conditions apply, what is the last day they can exercise their cooling-off rights?
Correct Answer
C) The following Thursday at 5pm
Under Queensland's Property Law Act 1974, buyers have a 5 business day cooling-off period. If contracts are exchanged on Friday, the 5 business days would end on the following Thursday at 5pm, excluding weekends and public holidays from the calculation.
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In Queensland, a strata scheme wishes to terminate and sell the entire property to a developer. What is the minimum percentage of lot entitlement votes typically required for such a resolution?
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