How do I excersise my cooling off option?

Hi everyone,

I put a deposit (.25%) on a property last week. Now I don't want it. I have 5 days cooling off.

To get out of the sale is it automatic, or do I need to inform the agent in writing? Or is a phone call enough?

-Frank

 

You have signed a contract, you will need to rescind it in writing - have a chat to your solicitor to confirm if you need the letter to come from the solicitor.

 

Your legal representative must serve a notice on the sellers representative. It is not automatic and the agent should not be involved.

 

You need to issue a Notice of Rescission to the vendor's legal representative (usually from your legal representative) before 5:00pm on the 5th business day since signing. You will forfeit your 0.25% deposit paid to the agent, to the vendor. A phone call to the agent is a matter of decency to inform him/her but is insufficient in and of itself to rescind a contract.

 

Get your solicitor/conveyancer involved asap- don't leave anything to chance.

Cheers

Jamie

 

I thought this thread was about exercising and cooling off at the same time LOL. I was going to suggest putting your exercise bike in front of an industrial fan.