Six times the “cooling off period” does not apply: Consumer Affairs Victoria

The ‘cooling off period’ is a right that the buyer has when they sign the contract for sale of a residential property. It provides them a number of days to back out of the contract.

If you don’t know what a cooling off period is, you can read more about it in our quick explainer here.

The terms of the contract vary from state to state, though there are many similarities.

Consumer Affairs Victoria details six occasions where a buyer, usually, cannot cool off. They also note that a clause in a contract cannot be used to remove the right to cool off where it is allowed.

1. On commercial or industrial properties.
   
   
2. On rural properties larger than 20 hectares.
   
   
3. On a property sold at public auction, or within three clear business days before or after an auction.
   
   
4. If they are an estate agent or an agent's representative.
   
   
5. If they are a company.
   
   
6. If they have previously entered into a contract of sale with the seller for the same property with substantially the same terms.

Ensure you obtain legal advice around the nature of your cooling off period.