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Buying by state

Buying a home in Queensland

How the cooling-off period, the contract, auctions, the deposit and settlement work in Queensland, with every rule linked to the government source it comes from.

Jurisdiction: Queensland only. Each state sets its own rules for cooling-off, disclosure, auctions and deposits, so these rules do not carry over to a purchase in another state.Sources last verified: 22 Oct 2026By Delora editorial teamChange history

Key points

Cooling-off period

  • QLD residential property buyers have a standard 5-business-day cooling-off period, starting the day they receive a copy of the contract signed by both parties (or the next business day if received on a weekend/public holiday) and ending 5pm on the fifth business day. Withdrawing costs the buyer up to 0.25% of the purchase price, payable to the seller. No cooling-off period applies to a property bought at auction, or to a private treaty contract signed within 2 business days of an unsuccessful auction where the buyer was a registered bidder. (Queensland Government, verified 7 Aug 2026)
  • If a Queensland buyer cancels during the cooling-off period, the seller may deduct a penalty of up to 0.25% of the purchase price from the deposit, and must refund the remainder within 14 days. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)
  • No cooling-off period applies to a Queensland property bought at auction, or in a follow-up sale (before 5pm on the second business day after an unsuccessful auction) to a buyer who was a registered bidder at that auction. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)

The contract and the seller's disclosure

  • From 1 August 2025, Queensland's Property Law Act 2023 requires a seller to give a buyer a completed seller disclosure statement (Form 2) and prescribed certificates (title search, building/pool safety, environmental information) before a contract of sale is signed, for registered-lot sales. For lots in a community titles scheme, a community management statement and body corporate certificate must also be provided. Off-the-plan (unregistered-lot) sales are excluded from this scheme and remain governed by the Land Sales Act 1984 and Body Corporate and Community Management Act 1997. (Queensland Government, verified 7 Aug 2026)
  • A Queensland contract of sale becomes binding when both buyer and seller have signed it. The deposit is then paid on the terms the contract sets, which the Queensland Government says is normally within 2 to 3 days. The contract also sets the settlement date, and conditions such as finance or a building and pest inspection only bind if they are written into the contract when it is signed. (Queensland Government, verified 22 Oct 2026)

Buying at auction

  • In Queensland, the auctioneer must register every bidder before the auction starts, checking suitable identification (e.g. a driver's licence) and giving each registered bidder an identifying marker (a numbered card or baton). The auctioneer must announce at the start of the auction that only registered bidders may bid. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)
  • In Queensland, the auctioneer may accept a bid from the vendor, but only up to the reserve price, and must disclose whenever a bid is a vendor bid. Once bidding reaches or exceeds the reserve price, the property is 'on the market' and the auctioneer may no longer accept vendor bids -- the vendor must then accept the highest bid as the sale price. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)
  • In Queensland the auctioneer must ask the vendor whether they have set a reserve price, which the vendor puts in writing; if none is set, the auctioneer must advise the vendor in writing that they will have to accept the highest bid; and the auctioneer must not disclose the reserve price to anyone other than a person acting for the seller. A penalty of $34,540 applies if the auctioneer doesn't do this. If the vendor sets no reserve, the property is on the market from the first bid. (Office of Fair Trading Queensland, verified 22 Oct 2026)

Every auction rule in Queensland, from registering to a passed-in property: buying at auction in Queensland.

The deposit

  • In Queensland, a real estate agent who receives trust money (including a property deposit) electronically or in person must bank it into the trust account before the end of the first business day of receipt, and complete a trust account receipt. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)
  • In Queensland, for a payment received as a deposit or final purchase price, an agent may only withdraw it from the trust account once the transaction is finalised -- either settled or terminated. The seller's share of the proceeds must be paid first or simultaneously with any other parties; the agent may only withdraw their own fees or commission after all other payments have been made. A written account of all trust money received must be provided to the client within 42 days of the transaction being finalised. (Queensland Government (Office of Fair Trading), verified 12 Aug 2026)

Settlement

  • In Queensland, transfer (stamp) duty documents must be lodged within 30 days from when the liability arises -- usually the date the contract is signed or becomes unconditional. Lodgement can be by post, by email, or online via a solicitor or conveyancer registered as a self assessor. Typically required: the signed contract, Form D2.2 (transfer duty statement) and any applicable concession or exemption forms. (Queensland Revenue Office, verified 12 Aug 2026)
  • In Queensland, late lodgement or late payment of transfer duty can result in penalty tax and interest charges. (Queensland Revenue Office, verified 12 Aug 2026)

The Queensland Government's contract page gives no usual settlement period: the contract sets the date, so none is given here.

Buying in another state

The same five steps work differently across the border. Compare them on buying a home by state, or go straight to Victoria, New South Wales, Western Australia, South Australia.

Practical checklist

Before you sign in Queensland

  • Read the seller's disclosure documents with your own conveyancer, settlement agent or lawyer
  • Check whether a cooling-off period applies to the way you are buying (private sale or auction)
  • Make sure any condition you rely on, such as finance or an inspection, is written into the contract
  • Confirm the deposit amount, when it is due and who will hold it
  • Put the settlement date, and every deadline before it, in your calendar

Questions for a professional

  • Does a cooling-off period apply to this contract, and when exactly does it end?
  • Which disclosure documents has the seller given me, and is anything missing?
  • What conditions are in this contract, and what happens if one is not met?
  • When is the deposit due, and when can it be released to the seller?

Official resources

Important limitations: This is general information about how buying works in Queensland, not legal advice about any contract. The rules change; the date on each citation is when Delora last checked that source. A conveyancer, settlement agent or lawyer should confirm how they apply to your purchase.

Sources and methodology

Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.

Evidence record

Written by
Delora editorial team
Jurisdiction
Queensland only. Each state sets its own rules for cooling-off, disclosure, auctions and deposits, so these rules do not carry over to a purchase in another state.
Content type
Guide (general information, not legal advice)
Last reviewed
2026-11-05
Sources
See "Sources and methodology" above for cited sources
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