Cooling Off
The Purchaser of
a property may have rights to avoid the Contract of Sale, or
"Cool Off".
If the Purchaser
intends to Cool Off, they must give written notice of their
intention to end the Contract within three (3) clear business
days from the time that the Purchaser signs the Contract.
If the Purchaser
ends the Contract in this way, they are entitled to a refund
of any deposit monies paid.
PLEASE NOTE
: A sum of money may be forfeited. The Purchaser should take
note of any such conditions within the Contract of Sale.
THE THREE DAY
COOLING OFF PERIOD DOES NOT APPLY IF:-
- The Property
was purchased at auction or within three (3) clear business
days before or after a publicly advertised auction.
- The Purchaser
received independent advice from a Solicitor before signing
the Contract.
- The Property
purchased is used for commercial or industrial purposes.
- The Property
is more than 20 hectares in size and is mainly used for farming
purposes.
- The Purchaser
has previously signed a Contact of Sale for the same property.
- The Purchaser
is an Estate Agent or Corporate Body.
For further
information or specific questions answered, please do not hesitate
to contact this office.
RETURN TO PURCHASE INFORMATION INDEX
Disclaimer:
The information provided on the Right Choice
Conveyancing web site is not intended to be legal advice.
Many factors unknown to us may affect the applicability of any
statement or comment that we make on the Right Choice Conveyancing
web site to your particular circumstances.
It is recommended that anyone reading this information should
seek legal advice from a solicitor.
