What is the cooling off period for a house contract?
Subject to some exceptions, a purchaser can end a contract of sale within 3 clear business days of signing. Cooling off previsions do not apply to purchasers who are also estate agents, corporations, or for the purchase of commercial property, farming land, or land >20 hectares. Furthermore, a purchaser cannot cool off from a contract for a property purchased at, or within 3 clear business days of a publicly advertised auction, or if the purchaser has previously entered into a substantially similar contract for the same property.
Cooling off previsions do not apply to the vendor, only the purchaser.