What is “cooling off”, and who can cool off?
Cooling off is a term used to describe the right of a purchaser of residential real estate to cancel the contract and walk away from the purchase on a “no questions asked” basis within a specified period of time, but paying a penalty of 0.25% of the purchase price which is deducted from the deposit paid by the purchaser.
In the state of Queensland the cooling off period expires 5 clear business days from the day on which the purchaser (or their lawyer) recieves a copy of the contract signed by both the purchaser and seller.