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What is "Cooling Off"?

A purchaser of residential property may be entitled to bring a contract to an end by written notice, without any specific reason being needed.

This is often called "the cooling-off period". It is available for three clear business days from the date the contract was signed by the purchaser.

There are certain situations where this cannot occur. The purchaser cannot bring a contract to an end if:

  1. The property was purchased at an auction or within three business days before or after the auction date; or
  2. The property is used mainly for industrial or commercial purposes, or
  3. The property is more than 20 hectares in size and is used mainly for farming;
  4. The purchaser and the vendor previously signed a similar contract for the same property; or
  5. The purchaser is an estate agent or a company.

The seller of a property does not have a right to cool-off after contracts are signed and exchanged.