Cooling-Off Period

[Superstitionist]

In Victoria, there is a statement in the contract stated:

"The 3-day cooling-off period does not apply if - You received independent advice from a solicitor before signing the contract"

I went to an inspection and request the contract of sale and the vendor statement, the agent told me once I get those documents, the cooling-off period will be waived due to the above statement.

I told him I only inspect the doco myself and haven't associated with a solicitor yet, but he said that type of things the vendor won't know, so they will simply assume all requested documents will pass on to a solicitor.


Does the agent correct? How does the above statement work?

Super.

 

[willfong]

That's bull. I have always asked for the section32 and contract upfront and never heard of that before. If that's the case, almost all the sales in Victoria will have no cooling off period as most people will ask for the paperworks beforehand.

http://www.realestate.com.au/cgi-bin/rsearch?a=v&id=610&t=res&cat=res%253

"The cooling-off rights do not apply in certain circumstances, such as sale by auction. Also, you will lose your cooling-off rights if you produce a certificate signed by a solicitor stating that you have received independent legal advice in relation to the transaction."

 

[Rolf Latham]

Same in NSW

you need a 66W which a solicitor has signed off on to waive the cooling off

ta
rolf

 

[Superstitionist]

Thanks all for the clarification.

Also, you will lose your cooling-off rights if you produce a certificate signed by a solicitor stating that you have received independent legal advice in relation to the transaction."

But then what is the benefit of waiving the cooling-off period...

Super.

 

[luzna]

You can have your sec32 or Contract of Sale inspected by a Conveyancer before signing the Contract and still exercise your coolling-off period because Conveyancers under the Legal Profession Act dont provide leagal advice.So you can tell the Agent my Conveyancer will inspect the documents and I still have the right to cool off.

 

[Perp]

But then what is the benefit of waiving the cooling-off period...

It's only a benefit if you're competing with somebody else who's willing to waive, and you desperately want to "win" the property.

Otherwise, this is only a benefit to the vendor, and I wouldn't agree to it. The agent's trying to bully you into waiving.

 

[boomtown]

The agent is either completely ignorant or he is deliberately lying to you. You can pick which one.