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contract is entered into during which the contract may be rescinded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.