"Cooling Off" Is A Poor Alternative

We are seeing more purchasers being ripped off through reliance on “cooling off” provisions. The right to “cool Off” should always be regarded as very poor alternative to the obtaining of pre-contract advice.

Real estate consumers appear to have been lulled into a false sense of security, believing that “cooling off” legislation works to protect them. In recent times we have seen purchasers forced to make a decision between losing their new purchase, or protecting themselves from the consequences of false or inadequate information.

The most common situation is where the purchaser is “advised” by the estate agent NOT to obtain pre-purchase advice because doing so will result in the loss of cooling off rights. The purchaser then discovers that there may be serious problems with the property, but cannot make the necessary enquiries within the 3 day cooling off period.

We remind consumers that the 3 day cooling off period was introduced to allow impulsive consumers to bail out of a bad deal. It should never be relied on as an alternative to pre-contract advice.

Further information on “Cooling Off”