A purchaser in Victoria signs a contract on Saturday afternoon for a residential property. When does their cooling-off period commence?
Correct Answer
B) On Monday, the first business day after signing
In Victoria, the cooling-off period commences on the next clear business day after the contract is signed. Since Saturday is not a business day, the cooling-off period would begin on Monday morning, giving the purchaser three clear business days to cool off.
Why This Is the Correct Answer
Victorian cooling-off runs for 3 clear business days after the day the purchaser signs. Saturday and Sunday are not business days, so the first day counted is Monday, and the period ends at the close of Wednesday unless a public holiday intervenes.
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