Cooling off period
- Thread starter Nash
- Start date
Nigel is right, it is on the front of the contract, also it was the agents responsibility to ensure that you understood...
But...
The cooling off period in Victoria is 3 clear business days. This does not include weekends or public holidays.
So, if you signed on a friday, you have until close of business wednesday to change your mind (assuming neither mon, tue nor wed are public holidays).
This is the simplistic answer. It also depends on the purchase price of the property, if it was OVER $250,000 there is no cooling off. There are other conditions, but I assume you have not signed a similar contract previously, nor are you a real estate agent!
hope this helps...
asy
But...
The cooling off period in Victoria is 3 clear business days. This does not include weekends or public holidays.
So, if you signed on a friday, you have until close of business wednesday to change your mind (assuming neither mon, tue nor wed are public holidays).
This is the simplistic answer. It also depends on the purchase price of the property, if it was OVER $250,000 there is no cooling off. There are other conditions, but I assume you have not signed a similar contract previously, nor are you a real estate agent!
hope this helps...
asy
Nash
The cooling off period refers to a period of 3 clear buisness days after the contract has been sighned. during which the purchaser may withdraw from the contract of sale, the cooling off period applies to the sale of residential prop and chattels, and to the sale of chattels & rural prop which is not used for the purpose of farming and wich does not exceed 20 hectares, if the cooling of period is to apply, the sale price of the property canot exceed $250.000
Hope this is of some help, regards steven
The cooling off period refers to a period of 3 clear buisness days after the contract has been sighned. during which the purchaser may withdraw from the contract of sale, the cooling off period applies to the sale of residential prop and chattels, and to the sale of chattels & rural prop which is not used for the purpose of farming and wich does not exceed 20 hectares, if the cooling of period is to apply, the sale price of the property canot exceed $250.000
Hope this is of some help, regards steven
I think our legislators need to modernise the $250,000 limit (before the cooling off period cease). Indeed, these days you are lucky to get a one/two bedroom apartment for this amount.
With the median price of a house being around $350,000, there doesn't seem to be any protection here at all.
Glenn2.
With the median price of a house being around $350,000, there doesn't seem to be any protection here at all.
Glenn2.
