Selling Property FAQ'S

What is a cooli ng off period?

A cooling off period is an amount of time after a contract is entered into during which the contract may be rescinded (treated as if it was never entered into). It offers some protection to purchasers that may have rushed into a contract to purchase property and can be used to finalise financial arrangements or perform title searches.

How do I exercise my cooling off rights?

A purchaser must exercise their cooling off rights during the cooling off period. This is done by serving a written notice informing the vendor of the rescission. The notice must go to the vendor, real estate agent or solicitor.

When does a cooling off start?

A cooling off period starts at the time the sale contract is made – on exchange & finishes 5.00pm (Sydney time ) on the fifth business day after the day on which the contract was made or as otherwise specified in the contract.

What is a disbursement?

A disbursement is the additional expenses incurred during the process of selling a property- separate from your solicitors conveyancing fees. These may include -pest & building reports, title searches.