In which of these situations does the Victorian three-business-day cooling-off right NOT apply to a residential purchase?
Correct Answer
B) The buyer is a corporate body buying the property through its company.
Under section 31 of the Sale of Land Act 1962, cooling-off does not apply where the buyer is an estate agent or a corporate body, the property was bought at a public auction or within 3 clear business days before or after one, the land is used mainly for industrial or commercial purposes, it is more than 20 hectares used mainly for farming, or the buyer previously signed a contract for the same property on substantially the same terms. The former exception for buyers who took independent legal advice before signing has been repealed.
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