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Cancelling Contract - Cooling Off Period

Discussion in 'Legal Issues' started by Sachi, 12th Jan, 2016.

  1. Sachi

    Sachi Member

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    Hi All,

    Could you please advise whether following letter would be okay to cancel the contract within the cooling off period ? I have already spent money on soil testing and other formalities and cannot afford to get a solicitor for exercising cooling off rights.

    Thanks a ton

    //-------------------------------------------------------------------------------------------------------------------------------
    Date


    Your Name & address


    Name & Address of Timeshare company


    Dear _____________


    Re: Agreement between____________ and ______________, dated __________________.


    I refer to the above contract and hereby exercise my cooling off right and withdraw from my agreement with ________________ for the purchase of _________________ together with any related finance agreement entered for the purchase of such Timeshares.


    Accordingly, I request that you immediately return all monies paid by me to date, failing which a complaint will be lodged with the Financial Ombudsman Service or Credit Ombudsman Service.


    Your cheque should be made payable to the writer and sent to the address below:


    [insert address]


    Yours faithfully

    cc: [Name & address of finance provider]
    //----------------------------------------------------------------------------------------
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    That sounds fine. I'd email + fax + reg post it to ensure they received it.
     
  3. Sachi

    Sachi Member

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    Thanks a lot D.T. Your advise previously allowed me to come to decision. Much grateful.
     
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Quick question... Is it a timeshare? If not, alter the letter.
     
    Sachi likes this.
  5. Sachi

    Sachi Member

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    Thanks Champ, overlooked it.
     
  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Which parties are you planning on sending it to?
    Vendors?
    Vendor's solicitors?
    REA?
    All of the above?.....more?
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    What if your letter is not in the required form? What is it is in the right form but not delivered to the correct party?

    Surely you would have had a solicitor before you signed the contract? I would use them to terminate as there could be issues and then you would be locked into purchasing a property you don't want.
     
  8. RPI

    RPI Property Lawyer, Town Planner Business Member

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    Is it in QLD? Who did you use for conveyancing? It shouldn't cost you much if anything to terminate (with me it would have been ~$156, $110 of which would be credited to your next purchase). What if your solicitor can terminate without cooling off and therefore save you the 0.25% fee? Often not getting advice will cost you more.
     
    Paul@PFI and Terry_w like this.
  9. RPI

    RPI Property Lawyer, Town Planner Business Member

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    On second thoughts, you can get out of so many of the contracts in QLD. If it is in QLD I will terminate it for you, and if I can't terminate without you having to pay the 0.25% termination policy I will do it for free.
     
  10. RPI

    RPI Property Lawyer, Town Planner Business Member

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    By way of update. Contract terminated under a different condition, no termination penalty payable.
     
    Susan, Chillingout, EN710 and 3 others like this.