A property in Victoria is sold at public auction. Which of the following statements about the cooling-off period is correct?
Correct Answer
C) No cooling-off period applies to properties sold at auction
Under the Sale of Land Act 1962, properties sold at or within 3 business days before a publicly advertised auction do not attract a cooling-off period. This also applies to properties where the purchaser has obtained a Section 31 certificate from a solicitor waiving the cooling-off right.
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