SALE OF LAND (RIGHTS AND DUTIES OF PARTIES) ACT 2010 (NO 7 OF 2010) - SECT 17 Cooling-off period

SALE OF LAND (RIGHTS AND DUTIES OF PARTIES) ACT 2010 (NO 7 OF 2010) - SECT 17

    (1)     There is a cooling-off period for a contract for the sale of residential property during which the buyer may exercise the right under section 19 to rescind the contract.

    (2)     However, there is no cooling-off period for a contract for the sale of residential property if:

    (a)     the property is sold by tender; or

    (b)     the property is sold by auction; or

    (c)     the property is offered for sale by auction and the property is sold:

        (i)     within 4 working days before the date of the auction; or

        (ii)     within 2 working days after the date of the auction and the buyer was a bidder at the auction; or

    (d)     the buyer waives the cooling-off period under section 18.

    (3)     The cooling-off period starts when the contract is made and ends at 5 pm on the 4th working day after the day the cooling-off period starts.

Examples for subsection (3)

1     If a contract is made on Friday, the cooling-off period ends at 5 pm on the following Thursday.

2     If a contract is made on Monday, the cooling-off period ends at 5 pm on the following Friday.

    (4)     The cooling-off period may be extended or shortened by:

    (a)     a provision in the contract; or

    (b)     a separate written agreement between the parties to the contract before, at or after the time the contract is made (but before the end of the cooling-off period).

    (5)     However, a provision or agreement shortening the cooling-off period does not take effect until:

    (a)     the buyer receives advice from a legal practitioner or conveyancing agent in relation to the shortening of the cooling-off period; and

    (b)     the legal practitioner or conveyancing agent signs a certificate that complies with section 21 to that effect; and

    (c)     the buyer gives a copy of the certificate to the seller.