<\/span><\/h3>\n\n\n\nA standard home purchase agreement usually provides 5-working-day cooling-off period<\/strong>This gives you time to reassess the deal. If you're not happy with the deal, you can cancel the contract during this period.<\/p>\n\n\n\n<\/span>Scope of application<\/strong><\/span><\/h4>\n\n\n\nThe cooling-off period applies to private home purchases, but does not apply if:<\/p>\n\n\n\n
\n- The property is sold at auction;<\/li>\n\n\n\n
- Contract signed within 2 business days of auction close;<\/li>\n\n\n\n
- Buyers are registered bidders at the auction.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n<\/span>4. Calculation of the Cooling-off Period<\/strong><\/span><\/h3>\n\n\n\n<\/span>Start time<\/strong><\/span><\/h4>\n\n\n\nThe cooling-off period starts on the day you receive a copy of the contract signed by both parties.<\/p>\n\n\n\n
\n- If the receipt falls on a weekend or public holiday, the cooling-off period starts on the next business day.<\/li>\n\n\n\n
- If a contract is accepted on your behalf, the cooling-off period will still begin.<\/li>\n\n\n\n
- If there is a dispute over the time of receipt of the contract, the seller must provide evidence that the contract was delivered to you.<\/li>\n<\/ul>\n\n\n\n
<\/span>End Time<\/strong><\/span><\/h4>\n\n\n\nThe cooling-off period ends at 5pm on the 5th working day.<\/p>\n\n\n\n
\n\n\n\n<\/span>5. How to cancel a transaction<\/strong><\/span><\/h3>\n\n\n\nIf you cancel a transaction during the cooling-off period, you will need to:<\/p>\n\n\n\n
\n- Provide to the seller or its agent Written Notice<\/strong>;<\/li>\n\n\n\n
- Make sure the notice has your signature;<\/li>\n\n\n\n
- Serve the notice before the end of the cooling-off period (before 5pm on the 5th day).<\/li>\n<\/ol>\n\n\n\n
<\/span>Notice<\/strong><\/span><\/h4>\n\n\n\nYou need to ensure that the seller receives the notice promptly, which can be done in person, by email, or by fax.<\/p>\n\n\n\n
<\/span>Refund<\/strong><\/span><\/h4>\n\n\n\n\n- The seller must Within 14 days<\/strong> Refund your deposit.<\/li>\n\n\n\n
- The Seller may deduct a termination fee not exceeding 0.25% of the purchase price.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n<\/span>6. Waive or shorten the cooling-off period<\/strong><\/span><\/h3>\n\n\n\nIf you decide to waive or shorten the cooling-off period:<\/p>\n\n\n\n
\n- You need to provide written notice to the seller or its agent;<\/li>\n\n\n\n
- This should be done before or during the cooling-off period.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n<\/span>in conclusion<\/strong><\/span><\/h3>\n\n\n\nBuying a private property offers more flexibility, but it also comes with risks. Make sure you:<\/p>\n\n\n\n
\n- Have a good understanding of the property value;<\/li>\n\n\n\n
- The contract content has been reviewed by professional lawyers;<\/li>\n\n\n\n
- Familiarize yourself with your rights and cooling-off period provisions.<\/li>\n<\/ul>\n\n\n\n
With careful preparation and professional advice, you can navigate the home buying process with confidence.<\/p>","protected":false},"excerpt":{"rendered":"
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