Under the Sale of Land Act 1962 (Vic), what is the minimum cooling-off period for residential property purchases?
Correct Answer
B) 3 business days from signing the contract
The Sale of Land Act 1962 (Vic) provides a mandatory 3 business day cooling-off period for residential property purchases. During this time, the purchaser can withdraw from the contract by paying 0.2% of the purchase price as a penalty, providing consumer protection for major property decisions.
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