Changes to Victoria’s Cooling-Off Rules

Bacchus Marsh homebuyers should be made aware that changes to cooling-off rules have now come into effect.

Under the new rules, property buyers will no longer lose their right to cool off just because they have sought and obtained advice from their lawyer before signing the property contract.

The previous rules meant that those who sought their lawyer’s advice before signing a contract would lose their right to change their mind and cool off, even though someone who consulted a conveyancer for the same purpose did not.

Under the new rules, those who use their lawyer to help them with the purchase of a property will be on the same footing as someone who employs a conveyancer, so far as cooling-off laws apply.

Once the new rules apply, the only occasion when you will not be able to change your mind and cool off will be if you sign a contract within three clear business days of a publicly advertised auction. These three business days can be before, after or on the day of the auction and when counting the days you can ignore the day you signed, weekends and public holidays.

It is important to remember that if you do cool off, the seller will still be entitled to keep $100 or 0.2 per cent of the contract price (whichever is higher), to compensate for their loss of the sale.

If you are at all confused by the new laws and need any home buying advice then please don’t hesitate to get in touch with me at Professionals Arbee Real Estate in Bacchus Marsh.