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Can't cool off - disorganised agent

Discussion in 'Legal Issues' started by joel, 18th Nov, 2015.

  1. joel

    joel Well-Known Member

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    Adelaide
    This is something that I thought I'd share, I'm not worried but it's an odd scenario.

    I recently entered a contract to purchase my first property a week ago. The following day I organised a building & pest inspection which came back quite unfavourable. I told the agent I wish to cool off and emailed him a signed letter stating so.

    I am in South Australia so the cooling off period is for 2 clear business days FROM the day I receive the Form 1 - which I have still not received. The agent told me I can't cool off until I receive that Form 1 (i.e. until the cooling off period actually starts), otherwise he could send it to me a year from now, and if I happen to miss the email I'll still be bound by the contract. Is this actually true?

    Note: my conveyancer has advised to just wait for the Form1 and send the letter again, which I'll do. But what if he never sends it?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Location:
    Adelaide, SA
    You can't exit somewhere you're not inside of.

    There's no contract yet - for you nor the vendor. Cooling off period starts once you've received Form 1 and ends 2 clear days following - you can exercise your rights during that period if you wish.

    If he never sends it, great. The contract doesn't even begin. Carry on IP shopping.

    Your best bet might actually be to withdraw your offer. Send an email the similar to your previous one and this will give you an out if they try anything funny in the future.
     
    Last edited: 18th Nov, 2015
    Perthguy likes this.
  3. Wall Street

    Wall Street Well-Known Member

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    Always be suspicious ;)

    If they're not forwarding you the forms, I would assume that there's something wrong.

    If you're not in contract as @D.T. says, then withdraw in writing.

    If you don't want to withdraw, at least highlight your concern or intent to withdraw pending the receipt of the form. At the very least, it should speed them along.
     
  4. joel

    joel Well-Known Member

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    Got it today finally, same day as I got the Form 1 for the property I'm actually buying! It seems I have successfully cooled off.
     
    D.T. likes this.
  5. Wall Street

    Wall Street Well-Known Member

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  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Location:
    Adelaide, SA
    Thats great, well done :)