Cooling Off Period recipes
What Is a Cooling Off Period?
The cooling off period is a statutory period provided by law after exchange of contracts, to allow a purchaser to change their mind about purchasing. This is an important provision for purchasers, and permits a refund of deposits. The cooling off period is also an important time for dealing with any issues raised by conveyancing processes.
The cooling off period, explained
The cooling off period has a special place in the Australian real estate market. It has been an important safety valve for buyers in the super-heated housing booms of the past. The cooling off period provides time in which the purchaser may opt out of the contract after exchange. This is a very useful provision for purchasers, particularly if the purchase is soured by information revealed by the conveyancing process. It allows purchasers to avoid situations where they may incur losses or additional cost burdens.
