Cooling off period and Trusts

[Buddybee]

Does the 3 day cooling off period still apply if you purchase a property with a company/trust structure?

The purchase is in Vic.

TIA
Buddybee

 

[JamesGG]

No.

Section 31 of the Sale of Land Act '62 outlines the details.

 

[Buddybee]

My solicitor has said because of the company/trust structure it's deemed a corporate body and therefore the 3 day cooling off period doesn't apply. The company is the corporate trustee.

Cheers
Buddybee