The Cooling Off Period
If you are buying a residential property or a rural property of less than 20 hectares, you may be able to take advantage of the cooling-off period. If you decide against going ahead with your purchase within three working days of the day you signed the contract, you can withdraw from the purchase by giving the required notice in writing.
Cooling-off provisions do not apply in some instances which include:
If you buy at auction
If you make a pre or post auction bid within three days of the auction
If you and the vendor previously signed a similar contract for the same property
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