In Queensland, if a buyer wishes to waive their cooling-off rights when purchasing residential property, what specific requirement must be met?
Correct Answer
A) Give the seller written notice that the cooling-off period is waived
Under section 167 of the Property Occupations Act 2014 (Qld), a person who proposes to buy may waive the cooling-off period by giving the seller written notice of the waiver before entering into the contract. After the contract is made, a buyer may shorten the period by written notice to the seller. The old lawyer’s certificate requirement belonged to the repealed Property Agents and Motor Dealers Act 2000.
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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?
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