Most buyers spend weeks on the house and about four minutes on the contract.
The contract is the part that decides what happens when something goes wrong.
Carina is a good place to think about this. It draws a wide mix of buyers, from families moving out of smaller inner homes to people buying their first freestanding house, and homes that present well tend to attract several offers. When that happens, terms decide outcomes at least as often as price does. Understanding what each condition gives you is what lets you compete without exposing yourself.
Your cooling off period is 5 business days
Queensland gives buyers a cooling off period of 5 business days on the standard residential contract. It starts the day you receive a copy of the contract signed by both parties, not the day you signed it. If that copy lands on a weekend or a public holiday, it starts the next business day.
To use it you have to deliver written, signed notice to the seller before 5pm on the final day. A phone call to the agent is not notice.
What cooling off actually costs you
It is not free. If you terminate during the cooling off period, the seller may deduct a penalty of up to 0.25 per cent of the purchase price when the deposit is refunded.
On a million dollar purchase that is up to $2,500. Worth knowing, and worth weighing against the cost of proceeding with something you have doubts about.
You can also waive or shorten the cooling off period by giving written notice. Sellers often ask for this, because it makes an offer look cleaner. Whether you should agree depends entirely on what other protection you have in the contract, which is the part buyers tend to skip past.