What is meant by cooling-off rights?
• In SA if you buy a property you have a cooling-off period that expires at the end of the second clear business day after the contract was made or the second clear business day after the Section 7 Vendors Statement is served. • This does not apply if the property is bought at auction or if the land or business is offered for sale at auction but is passed in and a person who made a bid then enters into a contract on the same day. However if you didn’t make a bid then cooling-off rights would apply.(ref LABSAC Act see sec 5(7)) • If a property is bought prior to auction then cooling-off rights do apply. • You can cool off in the form of a simple letter that identifies the contract and is signed by the purchaser or by someone authorised to do so on their behalf. • The cooling-off notice must be served before the prescribed time in one of the following ways: served on the vendor by giving it to the vendor personally (anywhere)served on the vendor’s agent at the office of the agent by givi
