All Topics / Help Needed! / Cooling off period – WA
Hi
I have a question regarding cooling off periods in WA. Could not find in search.
How long is the cooling off period before one cannot get out of the deal, for the seller and the buyer.
And is it counted from the date the acceptance was signed
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
Hi Regrow,
don’t know about WA but in QLD the buyer has 5 business days and the seller has none.If you don’t get the answer, a quick phone call to a local REA should answer your question.
[bandana]
Matt
Hi regrow,
There is no ‘cooling off’ period in WA.
http://www.reba.wa.gov.au/Sale%20by%20offer%20&%20acceptance%20-%20April%202003.pdf
Do a search on cooling off.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Great link Derek..[grad]
Think DOCEP have a good booklet also..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks for the replies.
Derek
I’m with redwing Great link[thumbsupanim]Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
regrow,
As there is no cooling off period, don’t be pressured into signing a contract by a RE agent. Get it sent to your solicitor, and do all your checks and arrange finance before you sign anything.
The WA Real Estate Institute will hopefully be changing their rules soon so they have a standard cooling off period, if people need one. It seems ludicrous that tassie and WA don’t have a CO period, Vic has a 3-day period and other states have a 5 day period. That kind of inconsistency is bizarre.
kay henry
Kaye,
Agree the inconsistencies are bizare, but disagree that we should have a cooling off period. After all, when you sign, you like to think you’ve actually sold or purchased something, not then wait for several days in limbo wondering if someone will reneg.
I think as adults we should all be resposnsible for our actions and if we agree to buy or sell something, then that should be that.
For those that say, what if the agent is pushy etc. Well, learn to stand up for your rights, make a complaint about the RE agent or whatever, but why put a buyer or seller into a “limbo” period.
PK
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