Under most Australian Sale of Land Acts, what is the mandatory cooling-off period for residential property purchases?
Correct Answer
B) 5 business days from contract signing
Most Australian states provide a 5 business day cooling-off period for residential property purchases, allowing buyers to withdraw from the contract. This period may vary slightly between states and certain exemptions apply, such as auction purchases.
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Sarah purchases a unit in a strata scheme and later discovers the building has significant structural defects affecting common property. Who is primarily responsible for repairs to the common property?
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Under most state Sale of Land Acts, what is the mandatory cooling-off period for residential property purchases?