Under the Sale of Land Act 1962 buyers have the option of a cooling off period. This gives a buyer 3 clear business days to change their mind and withdraw from the contract of sale starting from when the buyer signs the contract.
There are a few circumstances where this right does not exist:
- The property is purchased at a public auction or within 3 clear business days before or after a publicly advertised auction;
- The property is mainly used for industrial or commercial purposes;
- the property is more than 20 hectares is size and is used mainly for farming;
- you and the vendor previously signed a similar contract for the same property; or
- you are an estate agent or a corporate body.
If you do decide that you wish to exercise your cooling off rights then you will need to notify the vendor in writing of your intention to do so. You will then be entitled to a refund of any monies that have been paid less $100 or 0.2 of the purchase price, whichever is greater.
If the cooling off period does not apply or the 3 clear business days have elapsed then you will only be able to terminate the contract without penalty if there are issues with the terms and conditions of the contract. As a contract is a legally binding document it is important to have a lawyer look over it prior to signing. Please get in touch with us to arrange for one of our experienced solicitors to review your contract and give you advice as to its terms.
Why choose Carew Counsel Solicitors?
We have decades of experience in the area of Family Law - advocating for our clients to achieve the outcomes they desire.
Engaging in collaborative law can lead to saving costs financially, emotionally and psychologically, as well as time by comparison to using traditional Family Court proceedings.
We empower you, by helping you understand the system, the options and the advantages and disadvantages of different options.
We have experience working with a range of experts in family law, meaning that when you need outside assistance, such as valuations or accountancy advice, we can engage professionals who best suit your individual circumstances.