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When purchasing a property via private treaty your contract will include a cooling off period, these vary in each state and territoy. The below table states the standard cooling off period for each.
Exchange of contracts is when both the buyer and seller have signed the contract in the presence of their solicitor/conveyancer.
The cooling off period ensures you (the buyer) have time to consider your options and allows the flexibility to change your mind without losing your deposit. This is typically the time you undertake the relevant building, pest and strata checks and bank valuation. When a property is purchased under auction conditions the cooling off period is waivered.
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
Thanks, Michael
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