cooling off period - covenant excuses

Discussion in 'The Buying & Selling Process' started by Keentolearn77, 13th Aug, 2019.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    Hi

    Generally is the rule for cooling off period only subject to backing out if it is written in with the reason why.....

    ie: subject to building inspection ..... ok fair enough

    - BUT - Is a buyer after providing deposit able to back out during the cooling off period after only reading closer and discovering they do not like a covenant that is on the title....
     
    Keentolearn77, 13th Aug, 2019
    #1
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    I thought the cooling off period meant they can back out no matter the reason? Fees may apply. If cooling off period has expired then they're bound by what was stated on contract, eg. building and pest etc. What state?
    *Should get legal advice asap*
     
    Last edited: 13th Aug, 2019
    Lindsay_W, 13th Aug, 2019
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  3. Hetty

    Hetty Well-Known Member

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    Yeah cooling off they can back out because they change their mind for whatever reason.
     
    Hetty, 13th Aug, 2019
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    No reason needed
     
    Terry_w, 13th Aug, 2019
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  5. housechopper2

    housechopper2 Well-Known Member

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    Just remember under certain conditions you don’t get a cooling off period - e.g. if buying at auction.
     
    housechopper2, 13th Aug, 2019
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