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发表于 2014-5-29 10:19:11
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7. COOLING OFF PERIOD
Every contract for the sale of residential property (less than 2.5 hectares) has a cooling off period of five working days. The cooling off period ends at 5.00pm on the fifth business day. This means that after entering into the contract the purchaser has five working days in which to "cool off".
The seller is locked into the contract and cannot withdraw from the sale.
If the purchaser finds that for any reason he or she does not want to proceed with the purchase they can rescind the contract within the five day period. If they do rescind the contract they forfeit to the vendor 0.25% of the sale price. The contract is then at an end and neither party has any further claim against the other.
The purchaser can waive the cooling off period by having the contract explained by a solicitor/conveyancer and a certificate signed by that solicitor/conveyancer. The certificate is drawn under Section 66W of the Conveyancing Act and is commonly called a "Section 66W certificate".
The cooling off period can be shortened or extended provided the parties agree.
There is no cooling off period if the property is sold at public auction or on the same day as the property was listed for auction sale. |
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