- Client Partner/ Registered Conveyancer (Mandarin speaking)
Ming Gao
Frequently asked questions
Does the cooling-off period apply to all property purchases in South Australia?
No. The cooling-off period applies to residential property contracts and non-residential properties where the Purchaser is an individual. It does not apply to properties purchased at auction, commercial property transactions or rural land purchases (where the Purchaser is a Company) in South Australia.
Is waiving the cooling-off period common in South Australia?
It does occur, particularly in competitive markets or where buyers want to strengthen their offer. However, it should never be agreed to without first completing due diligence and obtaining advice from a Conveyancer or Solicitor.
Who can certify the waiver of a cooling-off period in South Australia?
Only a legal practitioner can complete and sign the Form 3 waiver certificate required to formally waive cooling-off rights in South Australia. This ensures the buyer has received independent legal advice before waiving their rights.
What happens if I waive cooling-off and then want to withdraw from the contract?
If you have waived your cooling-off rights and wish to withdraw, you will likely forfeit your deposit and may be exposed to further legal action from the vendor, including a claim for losses incurred from re-selling the property at a lower price.
