If you are planning on purchasing a residential property in Victoria, it is important for you to know and understand your cooling off period rights before signing a contract.
In a nutshell, Section 31 of Sale of Land Act 1962 (Vic) provides you with three (3) business days cooling off period to consider the offer you have made to the Vendor. It starts from the day you sign the contract, not when the Vendor signs the contract.
There are some exceptions to this rule such as:
1. The property is not residential;
2. The land is used primarily for industrial or commercial purposes or is more than 20 hectares in size and used primarily for farming
3. You and the Vendor have previously entered into a similar contract for the same property;
4. You are an estate agent or a corporate entity;
5. The contract is signed at or within three days before or after a publicly advertised auction.
If you change your mind and decide not to purchase the property within the three (3) business days cooling off period, you can terminate the contract by giving written notice to the Vendor. You will be entitled to a full refund of your deposit money less $100 or 0.2 per cent of the purchase price, whichever is greater.
It is important you seek professional legal advice prior to signing any contracts. If you have any legal inquiries regarding cooling off rights, feel free to contact Longton Legal’s Melbourne office via its office phone number, 03 9670 1199.
*Disclaimer: This is intended as general information only and not to be construed as legal advice. The above information is subject to changes over time. You should always seek professional advice before taking any course of action.*
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