Cooling Off Period and Sale Condition

[DreamzUnlimited]

Hi all :

I am looking to buy a PPOR ( in Victoria ) for myself and I liked one property last weekend. I am about to make a private offer for it early next week.

I am bit confused bout the cooling off period. Does the period start after I ( the purchaser ) sign the contract OR does it start after it is accepted by the vendor too?

If I make my contract subject to inspection, do I have to get the inspection done withing the cooling off period so that I can withdraw offer if I find something wrong with inspection OR is it like the cooling off period has got nothing to do with the inspection clauses in the contract?

Also can I include a clause like 'my offer is valid till tomorrow evening' in the contract, so that from day after tomorrow I have got no legal binding with the contract?

Any help/explanation will be much appreciated.

Cheers!

 

[ZOMG]

This might not be too helpful, but I'd suggest asking your conveyancer or solicitor about it.

In regards to the cooling off period, it generally starts from the day you sign it. Only thing I'm unsure about is whether they count it in business days or not. During this time you or the vendor can void the agreement, hence the name.

 

[Chris B]

Cooling off is 3 days after you sign the contract.

You can include a condition that your offer is subject to inspection (however of course it may mean it is less likely to be accepted). There will need to be a time frame on this, i.e. you have 5 days to complete the inspection, so your offer can become unconditional at some point.

Yes you can include a 'sunset clause' to state that your offer is only valid for a certain time period.

To be make sure you get the wording of the conditions correct to protect your position, you should consult your solicitor or get appropriate legal advice.

Hi all :

I am looking to buy a PPOR ( in Victoria ) for myself and I liked one property last weekend. I am about to make a private offer for it early next week.

I am bit confused bout the cooling off period. Does the period start after I ( the purchaser ) sign the contract OR does it start after it is accepted by the vendor too?

If I make my contract subject to inspection, do I have to get the inspection done withing the cooling off period so that I can withdraw offer if I find something wrong with inspection OR is it like the cooling off period has got nothing to do with the inspection clauses in the contract?

Also can I include a clause like 'my offer is valid till tomorrow evening' in the contract, so that from day after tomorrow I have got no legal binding with the contract?

Any help/explanation will be much appreciated.

Cheers!