All Topics / Help Needed! / Cooling off period – WA

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of RegrowRegrow
    Member
    @regrow
    Join Date: 2004
    Post Count: 77
    September 6, 2004 - 8:06 am

    Hi

    I have a question regarding cooling off periods in WA. Could not find in search.

    How long is the cooling off period before one cannot get out of the deal, for the seller and the buyer.

    And is it counted from the date the acceptance was signed

    Regrow

    You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.

    Profile photo of MJTMJT
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    @mjt
    Join Date: 2004
    Post Count: 80
    September 6, 2004 - 11:10 am

    Hi Regrow,
    don’t know about WA but in QLD the buyer has 5 business days and the seller has none.

    If you don’t get the answer, a quick phone call to a local REA should answer your question.

    [bandana]

    Matt

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    September 6, 2004 - 11:47 am

    Hi regrow,

    There is no ‘cooling off’ period in WA.

    http://www.reba.wa.gov.au/Sale%20by%20offer%20&%20acceptance%20-%20April%202003.pdf

    Do a search on cooling off.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733
    September 7, 2004 - 12:49 am

    Great link Derek..[grad]

    Think DOCEP have a good booklet also..

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of RegrowRegrow
    Member
    @regrow
    Join Date: 2004
    Post Count: 77
    September 7, 2004 - 12:28 pm

    Thanks for the replies.

    Derek
    I’m with redwing Great link[thumbsupanim]

    Regrow

    You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737
    September 7, 2004 - 1:27 pm

    regrow,

    As there is no cooling off period, don’t be pressured into signing a contract by a RE agent. Get it sent to your solicitor, and do all your checks and arrange finance before you sign anything.

    The WA Real Estate Institute will hopefully be changing their rules soon so they have a standard cooling off period, if people need one. It seems ludicrous that tassie and WA don’t have a CO period, Vic has a 3-day period and other states have a 5 day period. That kind of inconsistency is bizarre.

    kay henry

    Profile photo of PurpleKissPurpleKiss
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    @purplekiss
    Join Date: 2003
    Post Count: 580
    September 9, 2004 - 6:03 am

    Kaye,

    Agree the inconsistencies are bizare, but disagree that we should have a cooling off period. After all, when you sign, you like to think you’ve actually sold or purchased something, not then wait for several days in limbo wondering if someone will reneg.

    I think as adults we should all be resposnsible for our actions and if we agree to buy or sell something, then that should be that.

    For those that say, what if the agent is pushy etc. Well, learn to stand up for your rights, make a complaint about the RE agent or whatever, but why put a buyer or seller into a “limbo” period.

    PK

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