During cooling off period - open inspections

Once a contract is exchanged and a 0.25% deposit is placed, can the agent still schedule open inspections during the cooling off period?

In NSW.

 

Yes, why not. Unless it's a solid prospect, the agent/vendor may still want other potential buyers, should the initial contract in cooling off period fall through.
Been to openings where the agent has ended up stating that the property is "under offer".

 

Can the seller sell to another buyer at this stage?

 

No. But they'll take the details of interested backup buyers.

 

Ok thanks. Is it poor of the agent not to list it as "Under Offer"?

 

No, not really or no one would turn up to the Open. Technically it would be "under contract".

 

It's frustrating for buyers to show up to inspection, and find it's under offer, but for the agent, they are there to sell the property, and to have backups in-case the 1st buyer pulls out.

And no, legally the vendor cannot pull out of contract in cooling off. Whether some worm there way out is another matter.
The complete guide to cooling off periods when selling a property

 

Not just turn up at inspections, but to drum up other business as well
I've had agents where the Property Ad does not show "under offer/contract". You call them, and then they mention it, meanwhile asking whether your moving from another property (potential vendor!), buying investment ("hey I got this other one just like it"), or the like.

 

Was withdrawing from market a condition ?

 

Yes, normal in case you pull out.....or if not exchanged if a better offer comes in

 

Until the agent has an unconditional contract they should continue to market and show the property with disclosure to interested parties that it is under offer

 

@Obsidian yeah, they are just like those shonksters at Mcdonalds, when they always ask you if you'd like some fries with that

 

As far as I know, the agent can have an open house a day prior to settlement.

Why wouldn't they go through with the open house? You can cool off, they can't, so they're hedging their bets.

 

In my agency we don't have "under contact"
Inspections continue during cooling off and beyond, we tell buyers that a contract has been signed but has not yet met its conditions. We also encourage them to put in offers should it fall over.

The amount of times the conditions have not been met and we've had to fall back on those plan B offers has made this practice a valid one.

A property is not taken off the market until a contract becomes unconditional

It's either SOLD or open to the market.

 

Ok, thanks. I just don't want the agent or vendor playing dirty. I've spent time and money for solicitor and strata reports and the likes, and don't want at the end of this five days for them to say nope, we are not selling to you anymore, another buyer is paying more.