The Cooling Off Period

One of the most important parts of the property buying process in Queensland is the five day cooling off period that a buyer is entitled to. During that window of time, the buyer can still back out of the agreement and opt not to purchase the property in question. Once the cooling off period is over, the buyer needs to hire a conveyancing Brisbane firm to help them move along with the process.

The Basics Of The Cooling Off Period

In Queensland, the cooling off period begins when the buyer receives the signed copy of the residential property contract. This contract needs to have been signed by both the buyer and the seller. Assuming that the contract is received on a business day, the cooling off period begins at that point and ends on the fifth day at 5pm. However, if the contract is received on a weekend or other non-business day, the cooling off period begins on the next business day.

What If You Don't Want The Full Five Days?

The cooling off period is devised to protect property buyers in Queensland. It has been implemented to assuage any feelings of misgiving or "buyer's remorse" that sometimes crop up and gives you a way out. Every now and then, though, buyers don't want to wait out the full five days. If that's the case in your situation, you can opt to waive or shorten the cooling off period. This arrangement needs to be made prior to signing the residential property contract.

What If You Want Out?

It doesn't happen terribly often, but every now and then a buyer realises that he doesn't want to go ahead with the purchase after all. Whatever your reasons may be, if you decide not to go through with it you can still get out - as long as you make that decision during the cooling off period. You need to give the seller a signed and dated notice within that period of time, and the seller has to refund you your deposit. Usually, a 0.25 penalty fee is deducted from that deposit, but you will receive the rest of it back.

Protect Yourself When Buying A Home

Although the cooling off period may seem unnecessary, it's usually a good idea to go ahead and wait it out. During that five day period, you can look around for conveyancing QLD solicitors so that you are ready to go when the cooling off period is through. From there, the solicitor will assist you with getting through the rest of the complex and complicated conveyancing process. By the time settlement occurs, you will be the proud owner of a brand new home - and you shouldn't have any regrets.