What is the standard cooling-off period for a residential property purchase in South Australia?
Correct Answer
B) 2 clear business days
In SA the purchaser may rescind until the end of the second clear business day after the contract is made or, if Form 1 is served after the contract, after the day it is served (but not after settlement). It applies to sales of land generally, with exceptions such as auction sales, a bidder buying on auction day after the property is passed in, and purchasers who received independent legal advice and a lawyer's certificate before signing.
Why This Is the Correct Answer
Section 5 of the Land and Business (Sale and Conveyancing) Act 1994 (SA) gives a cooling-off right until the end of the second clear business day after the contract is made, or after Form 1 is served if that is later.
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