What's a cooling-off period?
Most purchasers have the right to get out of the contract in certain circumstances - this is called a "cooling-off period". The rules about cooling-off periods vary depending on the State or Territory law. In general, they only apply when:
- the buyer notifies you in writing within a defined number of clear business days after the contract is signed;
- there is a private sale, not an auction;
- it is a domestic property, it does not apply to a commercial property or a farm;
- the house/land costs less than a specified amount.
Note: The cooling-off period may not apply if the buyer consulted a lawyer before signing the contract.
What's "clear business days"?
Don't worry what this means - just remember that the "days" begin at midnight of the day the cooling-off period begins (ask your agent when this is in your State) and includes the next specified number of days, but does not include a Saturday, Sunday or public holiday.
Will I have to return the deposit?
The buyer may not be entitled to a full refund. Get advice from your lawyer or real estate agent about any money (or percentage of the purchase price) you are permitted to keep.
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