Know your cooling-off rights

Cooling-off periods of 3 business days, apply to private sales of residential and small rural property sales.

The cooling-off period gives a buyer time to consider the offer and it begins from the date a buyer signs the contract, not from the date the seller signs it.

If a decision is made not to buy the property, a written notice can be given to the seller of the seller’s agent and a buyer is entitled to a full refund of any money paid, less $100 or 0.2% of the purchase price, whichever is greater.

Cooling-off periods do not apply if you :

·Have bought a property at an auction or within 3 business days before or after a auction

·The property is used for industrial/commercial purposes

·The property is more than 20 hectares and is used for farming

·You have previously signed s contract for the same property (with the same terms)

·The buyer is an estate agent or corporate body

You will feel more confident about your investments when you make informed decisions.

If you are looking at investing in property, contact us and we will put you in touch with our trusted property strategist partner.

Contact us @ propertysales@realrenta.com

Need a property loan?

Contact us @ propertyloans@realrenta.com

Jason Gwerder
Wednesday, 19 February 2020

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