3 days cooling off means what?

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fullout
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@fullout
Join Date: 2003
Post Count: 233
September 16, 2003 - 10:40 am
if there is a 3 day cooling off period of say 3 days… does that include sunday as well??
ALSO, say if a deal was accepted on saturday, is saturday DAY 1 or Sunday DAY 1?
Kirby319
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@kirby319
Join Date: 2003
Post Count: 120
September 16, 2003 - 10:46 am
My belief is as follows:
– Sunday does count as a day.
– Sunday would be day 1. Therefore, you have til Tuesday to pull out.
RitaSt.
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@ritast.
Join Date: 2003
Post Count: 28
September 16, 2003 - 11:34 am
Hi Fullout,
We just bought in Qld. on a Friday, and had a 5 day cooling off period. Day one was Monday and day 5 was 5pm on the following Friday. RE told us this and I also checked this with our solicitor.
Remember cooling off doesn’t mean you can just change your mind. If you do you will still have to pay 0.25% of the purchase price.
You can however get around this by putting a “due diligence to the buyers satisfaction” clause on your RE contract for say 8 days.
However the contracts in NSW are handled differently to Qld… I think through a solicitor.
Maybe someone can run through this please??????
It differs in each state I believe.
Hope this helps
Rita []
fullout
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@fullout
Join Date: 2003
Post Count: 233
September 16, 2003 - 1:22 pm
hmm, also, cooling off period, does that start from when u sign the Section 32, or when the offer is accepted??
bc
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@bc
Join Date: 2003
Post Count: 85
September 16, 2003 - 9:49 pm
Fullout, in NSW from exchange of contracts.
BC
Most excellent
Member
@most-excellent
Join Date: 2003
Post Count: 100
September 16, 2003 - 9:58 pm
It’s to make you think about the questions , ” have I just made a rushed decision “, “am I TOTALLY comfortable with what I’ve just SIGNED” & my favourite : ” Gee I better read the contract IN FULL ” !!![]
MIchael
“just be”
Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 16, 2003 - 10:54 pm
In NSW offers are made verbally and accepted verbally. Once a price is agreed on then the two conveyancers/solicitors will get together and write up the contract satisfactory to both parties. When this contract has been signed by both parties it then becomes legal. Up to this point a vendor may accept other offers and a buyer may make offers on other properties secure in the knowledge he can walk away with no fee other than his solicitors time.
Once signed the contract is binding on the vendor and the buyer has a cooling off period. If the buyer withdraws there is a small penalty unless he has a reason covered by a clause such as building inspection, finance etc.
Hope this helps.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
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