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Cooling Off Period: Entering a Contract When Purchasing Property

Are you buying a property? What is the "Cooling Off Period" ? 

John Gallagher, solicitor from Argon Law provides the information you need when signing a residential contract. 

The Cooling Off Period does not apply in every case: 

  • Doesn't apply upon the fall of a hammer at auction. 
  • A buyer can wave or shorten the cooling off period. 

How long is the Cooling Off Period when purchasing a property? It begins when signing the contract and finishes five business days after at 5pm. 

There is a termination fee when cancelling a contract within the Cooling Off Period often at 0.25% of the purchase price and a seller can sue the buyer for the balance. 

You can still terminate a contract outside of the cooling off period due to finance or building and pest provisions.

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