When Does The 3 Day "Cooling Off" Period Start?

Posted on May 4, 2007 by | 1 Comment

Most purchasers believe that the 3 day “cooling off” period starts when the vendor signs the purchaser’s offer. This is quite wrong. The “cooling off” period commences as soon as the purchaser has signed the contract and submitted it to the estate agent or the vendor’s representative.

The fact that “cooling off” starts with the purchaser’s signature has serious implications. What if the purchaser signs and submits an offer and hands it to the estate agent, but the estate agent doesn’t deliver it to the vendor until after the 3 days have passed? What if the vendor accepts the offer and the purchaser is informed, but the contract is not sent to the purchaser’s lawyer until after the 3 days have expired?

Any purchaser, after signing and submitting the offer, should immediately deliver a copy of the offer to his or her lawyer. A sensible purchaser, however, will take the contract documents to the lawyer first. Having the documents checked, and making all necessary enquiries before the offer is made, means that the “cooling off” period is unnecessary.

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