Cooling Off Waivers
If you have signed a Contract of Sale to purchase property in South Australia, it is generally a requirement that the purchaser has a two business days cooling off period, to walk away from the contract with no reason at all.
Sometimes there are circumstances where a party is required or requested to waive the cooling off period, for example, if the property is due to go to auction (upon which no cooling off period would apply) and the vendor chooses to accept your offer prior to the auction.
In circumstances where the buyer needs to waive their cooling off period, it is very important that the purchaser receives the correct advice about their obligations under the contract and this must be provided by a lawyer. Whilst lawyers cannot provide advice on the suitability of the property for the person or the purchase price, other matters will be considered and discussed, such as contract terms and conditions, and the contents of any government searches for the property.
Once the advice is provided a Form 3 is then completed and signed to confirm that the purchaser has received independent legal advice. The signing of a Form 3 is usually a time sensitive requirement and Robbins Lawyers can attend to this promptly and provide a fixed fee for this service.
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