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) The following Wednesday at 5pm
In Victoria, the cooling-off period is 3 clear business days after signing the contract. Since the contract was signed on Saturday, the first business day is Monday, second is Tuesday, and third is Wednesday, so the cooling-off period expires at 5pm on Wednesday.
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