In a standard Victorian residential property sale, what is the cooling-off period available to a purchaser after signing the contract?
Correct Answer
B) 3 business days
Under Section 31 of the Sale of Land Act 1962, a purchaser of residential property in Victoria has a cooling-off period of 3 business days after signing the contract. If the purchaser exercises this right, they forfeit $100 or 0.2% of the purchase price (whichever is greater) to the vendor.
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