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Legislation Update - 1 March 2012 - Buying & Selling Property

Thursday March 1, 2012

Legislation Update - 1 March 2012 - Buying & Selling Property

Cooling-off rights for property buyers have changed as a result of amendments to the Estate Agents (Contracts) Regulations 2008 and Section 31 of the Sale of Land Act 1962.


A buyer's three-day cooling-off period on a contract of sale is no longer affected if they have received legal advice about the contract before signing it. Previously, buyers were not entitled to cool off if they had received independent legal advice before signing the contract.  For information about other exceptions and the financial costs of cooling-off and buying and selling property please call Sarah Lindsey on 9550 4600.