Property Transactions

Navigating property transactions can be complex and requires careful attention to detail. At KD & CO Lawyers, we provide expert guidance and support for buyers and sellers at every stage of the process. From understanding cooling off rights to reviewing contracts and addressing unexpected issues, our team ensures your property transaction is handled smoothly and with confidence.

Whether you’re purchasing your first home, investing in real estate, or selling property, we are here to protect your interests and help you achieve your goals.

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Purchasing real estate is a significant decision, and understanding your rights as a buyer is essential. The cooling off period allows buyers to reconsider their purchase and conduct necessary inspections before finalising the transaction. However, in certain circumstances, you may choose to waive these rights.

At KD & CO Lawyers, we provide comprehensive advice to help you understand the implications of waiving your cooling off rights. Our solicitors will carefully explain the process, ensure you are fully informed, and provide a certificate confirming that you have received appropriate legal advice.

We also meticulously review the Form 1 document, which outlines key details about the property and your cooling off rights. Our team ensures you are aware of any unexpected issues that may impact your decision, helping you proceed with confidence.

Click the tabs below to learn more about Cooling Off Rights.

In real estate transactions, the cooling off period is a specified timeframe during which a purchaser has the right to cancel the contract without providing any specific reasons.

Duration and Conditions

The cooling off period typically lasts until the end of the second clear business day from the date the Form 1 is served on the purchaser. It is important to note that weekends, public holidays, and the day of service are not included in the two-day calculation.

To exercise cooling off rights, the purchaser must serve notice to the vendor. This notice can be given in writing, either directly to the vendor or their agent, or by leaving it for the land agent at their place of business. Additionally, notice can be given via registered mail or fax to either the vendor or their agent. It is advisable to keep a copy of the cooling off notice and any evidence of its delivery to resolve any potential disputes. The time of sending the notice is considered the time of giving notice when determining compliance within the two-day limit.

The cooling off period is primarily designed to allow purchasers sufficient time to conduct necessary inspections, such as building assessments, and carefully evaluate the location and suitability of the property. However, it's important to note that this timeframe may not be adequate for obtaining finance. To avoid complications, it is advisable to conduct investigations and arrange financing before making an offer. Special conditions can be included in the contract to make it contingent upon satisfactory building inspections or obtaining finance.