Cooling Off

The Purchaser of a property may have rights to avoid the Contract of Sale, or "Cool Off".

If the Purchaser intends to Cool Off, they must give written notice of their intention to end the Contract within three (3) clear business days from the time that the Purchaser signs the Contract.

If the Purchaser ends the Contract in this way, they are entitled to a refund of any deposit monies paid.

PLEASE NOTE : A sum of money may be forfeited. The Purchaser should take note of any such conditions within the Contract of Sale.

THE THREE DAY COOLING OFF PERIOD DOES NOT APPLY IF:-

• The Price of the Property including all chattels exceeds $250,000.00.
• The Property was purchased at auction or within three (3) clear business days before or after a publicly advertised auction.
• The Purchaser received independent advice from a Solicitor before signing the Contract.
• The Property purchased is used for commercial or industrial purposes.
• The Property is more than 20 hectares in size and is mainly used for farming purposes.
• The Purchaser has previously signed a Contact of Sale for the same property.
• The Purchaser is an Estate Agent or Corporate Body.

For further information or specific questions answered, please do not hesitate to contact this office.

Disclaimer: The information provided on the GM Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the GM Conveyancing web site to your particular circumstances. It is recommended that anyone reading this information should seek legal advice from a solicitor.