Contract of sale real estate victoria cooling off period
A cooling-off period exists when buying a home or an investment property, during which either seller or buyer can back out of the contract. Canstar explains. Cooling-off requirements. A buyer who signs a contract for the sale of residential property has a right under the Sale of Land Act 1962 to change their mind - that is, to 'cool off'. The cooling-off period is three clear business days from the day after they sign a contract. A cooling off period of five days applies to the sale of property in Queensland. The contract of sale must include the following warning statement in order to be valid: “The contract may be subject to a five business day statutory cooling off period.