Waiving Your Cooling off Rights
If you are considering waiving your cooling off rights, our solicitors can assist you in understanding the implications of this decision. We will provide a certificate confirming that you have been appropriately advised on waiving the cooling off period.
Our team will also carefully review the Form 1 document, which outlines the cooling off rights and other essential details. We will ensure that you are fully aware of any unexpected aspects of the property before proceeding with the transaction.
When it comes to purchasing real estate, it's crucial to be aware of your rights as a buyer. One essential aspect to understand is the cooling off period, which provides an opportunity for buyers to reconsider their purchase and carry out necessary inspections before finalising the transaction.
Click the Tabs below to find out more about Cooling Off Rights.
In real estate transactions, the cooling off period is a specified timeframe during which a purchaser has the right to cancel the contract without providing any specific reasons.
Duration and Conditions
The cooling off period typically lasts until the end of the second clear business day from the date the Form 1 is served on the purchaser. It is important to note that weekends, public holidays, and the day of service are not included in the two-day calculation.
Waiving Cooling Off Rights
In certain instances, the vendor or their agent may request that the purchaser waive their cooling off rights as a condition of the sale. This typically occurs when an offer is made before an auction for a property scheduled to be auctioned. It is crucial for purchasers to understand that waiving the cooling off period means forfeiting the opportunity to conduct building inspections or arrange financing during that time. It also implies that the purchaser cannot cancel the contract due to a change of mind.