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Ben Kingsley Blog post by Ben Kingsley

Cooling Off Changes in Victoria

Recently the Victorian government made changes to the Cooling off legislation regarding purchasing residential property.

Prior to this change if you sought legal advice from a solicitor then you couldn’t cool off on your purchase contract within the designated cooling off period. Following the changes you can now seek legal advice and still have the ability to cool off on your contract.

In very simple terms this means that if you are purchasing as an individual (and you are not a real estate agent), you have 3 clear business days available to cool off after signing a purchasing contract of sale.

Note: Not applicable to publicly advertised auctions – as a contract is unconditional 3 clear business days before and after the advertised auction date in Victoria.

For a more detailed understanding of the Cooling off rules regarding property visit the Consumer Affairs website:

Click here for link

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