The state of property law in Queensland is about to be shaken up as a raft of new legislation comes into effect from 1 December 2014. This new legislation will have drastic changes on the conveyancing process, especially in the construction of the contract of sale for residential property.
Contract of Sale – The Cooling-Off Period:
When purchasing a residential property in Queensland (other than at an auction), the standard contract of sale provides the buyer with a five day cooling-off period, during which time the buyer is free to cancel the contract at any time, for any reason, including a change of mind.