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What is a cooling off period?

date January 14th, 2020 category

A cooling off period allows purchasers to terminate the contract within a certain “cooling off period” which in Victoria is 3 business days. A purchaser must request the termination in writing to the vendor. When terminating a contract during the cooling off period the purchaser incurs a penalty of $100 or 0.2% of the purchase price (whichever is greater). A cooling off period is not applicable to property’s sold at auction or under auction conditions, if the property is over 1ha and or if it is a commercial premise.