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Cooling Off Period: Entering a Contract When Purchasing Property

Oct 20

Are you buying a property? What is the "Cooling Off Period" ?
John Gallagher, solicitor from Argon Law provides the information you need when signing a residential contract.
The Cooling Off Period does not apply in every case:

Doesn't apply upon the fall of a hammer at auction.
A buyer can wave or shorten the cooling off period.

How long is the Cooling Off Period when purchasing a property? It begins when signing the contract and finishes five business days after at 5pm.
There is a termination fee when cancelling a contract within the Cooling Off Period often at 0.25% of the purchase price and a seller can sue the buyer for the balance.
You can still terminate a contract outside of the cooling off period due to finance or building and pest provisions.