Cooling off

In Victoria, homebuyers enjoy a cooling-off period of three business days. This window enables them to reflect on their purchase decision and withdraw from the contract without incurring heavy penalties. The countdown starts from the moment the contract is signed. This cooling-off period is intended to safeguard buyers by providing them the opportunity to reassess their decision after signing. If they have second thoughts, they can exit the agreement without facing major penalties. The house is listed as under offer during this period, so it has not been officially sold yet.

A buyer who has thoroughly researched our home is unlikely to reconsider and invoke their rights during the cooling-off period. However, my wife and I have been anxiously waiting for five long days for this period to conclude. Now that the cooling-off period has passed, we’re ready to proceed with selling our house. The sold sign can finally be placed in front of our home.

As we prepare to sign the contract for our new purchase, we will receive the same cooling-off period. Having had a few days to consult our solicitor prior to signing has been beneficial, making it unlikely that we will need to use it.