A purchaser signs a contract for the sale of residential property in Victoria on a Saturday. When does their cooling-off period expire, assuming no public holidays?
Correct Answer
C) At the end of the following Wednesday
In Victoria, a purchaser may end the contract within 3 clear business days after the day they sign. Saturday and Sunday are not business days, so for a contract signed on Saturday the three clear business days are Monday, Tuesday and Wednesday, and the right expires at the end of Wednesday.
Why This Is the Correct Answer
Section 31 of the Sale of Land Act 1962 gives the purchaser 3 clear business days after the day of signing. After a Saturday signing, the three business days are Monday, Tuesday and Wednesday, so the right ends when Wednesday ends.
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