A vendor signs an agency agreement to sell her Parramatta house at 2pm on a Friday. Under the Property and Stock Agents Act 2002, when does her cooling-off period for that agency agreement end?
Correct Answer
A) At 5pm on the Saturday immediately after she signs
Section 59 of the Property and Stock Agents Act 2002 gives a cooling-off period for every agency agreement for the sale of residential property or rural land. It starts when the client signs and ends at 5pm on the next day that is a business day or a Saturday. Because Saturday counts, a Friday signing ends at 5pm Saturday.
Why This Is the Correct Answer
Saturday is expressly included as a day on which the agency agreement cooling-off period can end, so the Friday signing ends at 5pm Saturday.
Why the Other Options Are Wrong
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A NSW homeowner signs an exclusive agency agreement to sell her house at 3 pm on a Friday. There is no public holiday that weekend. When does her statutory cooling-off period for the agency agreement end?
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