Contracts for an established Wollongong home are exchanged by private treaty at 11 am on a Wednesday. There are no public holidays in the next fortnight and the buyer has not waived cooling-off. When does the buyer's cooling-off period end?
Correct Answer
C) 5 pm on the following Wednesday
A buyer of residential property in NSW has a 5 business day cooling-off period. It starts on exchange and ends at 5 pm on the fifth business day after the day of exchange. Counting Thursday, Friday, Monday, Tuesday and Wednesday, the period ends at 5 pm on the following Wednesday.
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After exchange on a Newcastle house, the buyer's solicitor finds that the council planning certificate required by section 52A of the Conveyancing Act 1919 was not attached to the contract. What right does the buyer have?
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On settlement day in a Queensland property transaction, the buyer's solicitor typically performs a final title search to: