Under the Sale of Land Act in Victoria, what is the minimum cooling-off period for the purchase of residential property, and when does it commence?
Correct Answer
A) 3 business days from contract signing
Victoria provides a 3 business day cooling-off period for residential property purchases, commencing from when the contract is signed. This allows purchasers to withdraw from the contract by paying 0.2% of the purchase price, providing consumer protection for what is typically the largest purchase decision people make.
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