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.
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A purchaser in Victoria discovers a significant structural defect after signing a contract but before the cooling-off period expires. The defect was not disclosed in the vendor statement. What is the purchaser's best course of action?
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