Melton When you are looking at buying your first home, it is very important that you do your research. There are a lot of legalities involved and it helps to know what your rights are as a purchaser.
When your offer gets accepted on the property that you’re pretty sure ticks all the boxes, it’s important to understand what a cooling off period is.
What is a cooling off period?
A cooling off period is a period of time after a sale contract is agreed where you as the buyer can cancel the contract by change of mind, keeping in mind there are penalties involved. This period in Victoria is within 3 business days of the purchaser signing the contract, subject to certain conditions. You can’t cool off on a property sold to you at auction or 3 business days before or after a publicly advertised auction.
You should always do your due diligence before signing a contract to purchase your new home. The cooling off period should not be relied upon as a safety measure, and should only be used as a last resort when it is an only option.
Need more information? Looking at buying a house in Melton and have more questions about a cooling off period? Contact us at Professionals Ryder Real Estate Melton on 03 9743 6400 with any questions you may have.
