Cooling off rules

Discussion in 'Property Information Resources & Tools' started by Sackie, 25th Aug, 2015.

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  1. Sackie

    Sackie Well-Known Member

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    Quick reference only. Always check with legal advice.

    coolo.PNG
     
    Sackie, 25th Aug, 2015
    #1
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  2. Azazel

    Azazel Well-Known Member

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    Good stuff @Leo2413 , easy to compare all in one place.
     
    Azazel, 25th Aug, 2015
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  3. D.T.

    D.T. Specialist Property Manager Business Member

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    SA one isn't quite right.

    Unlike other states that use a percentage, we can do any amount of deposit we please (say $1000 or $10000), but when I've cooled off on one of my own purchases it was prior to the deposit being due. Therefore I exited with zero outlay.
     
    D.T., 25th Aug, 2015
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  4. Terry_w

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

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    Should also point out that these apply to standard contracts, but could be contracted out.
     
    Terry_w, 25th Aug, 2015
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  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Great summary!

    I think the Victorian details may be slightly incorrect. I don't believe that legal advice waives the cooling off period any more (it did once, but I recall it being changed and a glance at several recent purchase contracts appears to confirm this).
     
    Peter_Tersteeg, 25th Aug, 2015
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