In Queensland, a buyer receives a copy of the residential contract signed by both parties on a Friday. With no public holidays in between, when does the cooling-off period end?
Correct Answer
C) The following Thursday at 5pm
Under section 166 of the Property Occupations Act 2014 (Qld), the cooling-off period starts on the day the buyer receives the contract signed by both parties, if that is a business day, and ends at 5pm on the fifth business day. Counting Friday as day 1, Monday is day 2, Tuesday day 3, Wednesday day 4 and Thursday day 5, so it ends at 5pm on Thursday.
Why This Is the Correct Answer
The day of receipt counts as the first business day when it is a business day. Friday is day 1, then Monday, Tuesday and Wednesday, and Thursday is day 5, so the cooling-off period ends at 5pm on Thursday.
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