Cooling-off period (Section 31 of the Sale of Land act 1962)
You may end this contract within 3 clear business days of the day that you sign the contract if none of the exceptions listed below applies to you.
You must either give the vendor or the vendors agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor’s agent to end this contract within this time in accordance with this cooling-off provision.
You are entitled to a refund of all the money you paid except $100 or 0.2% of the purchase price (whichever is more) if you end the contract in this way.
EXCEPTIONS: the 3-day cooling-off period does not apply if-
- You bought the property at or within 3 clear business days before or after a publicly advertised auction; or
- The property is used primarily for industrial or commercial purposes; or
- The property is more than 20 hectares in size and is used primarily for farming: or
- You and the vendor have previously signed a contract for the sale of the same land in substantially the same terms; or
- You are an estate agent or a corporate body
For further information or specific questions answered, please do not hesitate to contact this office.
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