In Queensland, if a contract for the sale of residential property is signed at auction, what cooling-off rights does the purchaser have?
Correct Answer
C) No cooling-off period; the contract binds on the fall of the hammer
Section 160 of the Property Occupations Act 2014 (Qld) excludes contracts formed on a sale by auction from the cooling-off provisions. The contract is binding when the property is knocked down, so bidders need to complete their inspections, finance and legal checks before the auction.
Why This Is the Correct Answer
The Property Occupations Act 2014 (Qld) excludes contracts formed at auction from the cooling-off provisions, so the successful bidder is bound as soon as the property is knocked down.
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In Queensland, if a buyer wishes to waive their cooling-off rights when purchasing residential property, what specific requirement must be met?
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