The three days also do not include the day in which you signed. Obviously a business day is any day other than a weekend or a public holiday.
#Victoria iii forum full#
The definition of three clear business days as interpreted by conveyancers is three full business days not including the day of sale. Also note that as at the date of this post there is no cooling off right for vendors in Victoria. A corporate or company purchaser of residential real estate is still protected by the cooling off rights. *A purchase of commercial property is not protected. If you are a real estate agent (or a real estate company).If you have previously entered into a contract to purchase the same property.Cannot be exercised if purchased at or within three business days before or after an auction.Right must be exercised within three clear business days after you sign (even if the vendor has not yet signed to accept the written offer).Must be a purchase of residential property*.Here are the conditions which would allow a purchaser to cool off in Victoria (as per section 31 of the Sale of Land Act 1962) Power of purchaser to terminate a contract for sale of land: It should be noted that this rule is not without qualification. This right to change one’s mind is popularly known as the “cooling off” right or the right to “cool off”. Although this is at odds with the basic principle of contract law it was nevertheless legislated to protect the consumer.Ĭlick Here For FAQs On Cooling Off Rights Most of us are aware of the purchaser’s right to change their mind after signing a contract to purchase real estate (even if the vendor hasn’t signed anything to accept your offer). The Right to Cool Off (Cooling Off Laws in Victoria)
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