Cool off period 5 or 10 days

[tez]

Hi all,

Over the weekend, I signed a contract to purchase a property.
On the Contract of sale, it has the standard 5 day cool off period.

However, Ive signed a authority to exchange of contract form from the agent which has a extended cool off period of 10 days. Would the 10 days take precedence?

The only reason I am asking this is there is a auction on this weekend as well which I may bid at, but will only purchase one property at this current time.

Thanks - Terry

 

[Rolf Latham]

id go with whats on the contract to be sure.

In any case, your soli/conveyancer can give u a specific answer im sure

ta
rolf

 

[Propertunity]

On the Contract of sale, it has the standard 5 day cool off period.

The contract says 5, the legislation says 5.....BUT

However, Ive signed a authority to exchange of contract form from the agent which has a extended cool off period of 10 days. Would the 10 days take precedence?

but you have only authorised the selling agent to exchange subject to a 10 day cooling off - so it is generaally accepted that it is 10 days. The default position is 5 days and apply for a further 5 days anyway - which is most common these days as it seems most banks cannot get you formal approval within the 5 days.

 

[stumunro]

in my opinion, as big al has pointed out, 10 day cooling off will more than likely be accepted.

Typically selling agents won't make adjustments to the contract itself.

It would be very beneficial to get your conveyancer / solicitor to confirm with the sellers representation because, at the end of the day, if there are any problems these are the two that will sort it out.