Articles

Phone (03) 5797 2829 
Email [email protected]
Address 201/175b Stephen Street Yarraville 3013
321 Killingworth Road Killingworth 3717
All mail to Killingworth office. All meetings by appointment only.




Phone (03) 5797 2829   |  Email [email protected]
Address 201/175b Stephen Street Yarraville 3013
321 Killingworth Road Killingworth 3717
All mail to Killingworth office. All meetings by appointment only.

What is “cooling off”?
Section 31 of the Sale of Land Act (VIC)1962 enables a Purchaser of Victorian real estate to exercise their cooling off rights to terminate a Contract of Sale within three (3) clear business days of the Purchaser signing the Contract. If a Purchaser terminates the Contract, deposit monies are refunded to the Purchaser, except for the sum of 0.2% of the purchase price of the Contract OR $100.00, whichever is greater.
Exceptions to the cooling off rule.
A Purchaser’s cooling off rights only applies to private sale of residential properties. A purchaser has no rights to cooling off where they purchased the property at an auction. Further, a Purchaser’s cooling off rights DO NOT apply in the following circumstances:

  • if the Purchaser is a corporation (company);
  • if the Purchaser is an Estate Agent;
  • if the Contract was signed within three (3) business days before or after an auction;
  • if the property is used primarily for industrial or commercial purposes;
  • if the Vendor and the Purchaser have entered into the Contract of Sale on prior occasions on similar terms; or
  • if the property is more than twenty (20) hectares and is used primarily for farming.



Service
Where a Purchaser wishes to exercise their cooling off rights, they must serve a notice either to the Vendor directly, or to the Vendor’s agent, being the Vendor’s solicitor/conveyancer. Service cannot be made on the vendor’s Real Estate Agent.

Failure to exercise “Cooling off” rights effectively could see a purchaser being locked into a binding Contract against their wishes or loss of their 10% deposit if they breach the contract by withdrawing from the contract.