What is the Cooling Off Period in SA Real Estate?
What is the Cooling Off Period in SA Real Estate?
Are you looking to buy a property in South Australia and want to know what the
cooling off period is? You’ve come to the right place. In this blog post, we’ll
explain what the cooling off period is in SA real estate and how it can help you
make an informed decision when buying a property.
The cooling off period is a period of time after you sign a contract to purchase
a property that allows you to change your mind and withdraw from the contract.
This period of time is set by the South Australian government and is designed to
give buyers a chance to consider their decision and make sure they are happy
with the purchase.
The cooling off period in SA real estate is five business days. This means that
if you sign a contract to purchase a property, you have five business days to
change your mind and withdraw from the contract without any penalty. During this
time, you can inspect the property, get a building and pest inspection, and do
any other due diligence you need to do to make sure you are happy with the
purchase.
It’s important to note that the cooling off period only applies to residential
properties. If you are buying a commercial property, there is no cooling off
period.
It’s also important to note that the cooling off period does not apply to all
contracts. For example, if you are buying a property at auction, there is no
cooling off period. You must be aware of this before you bid at an auction.
The cooling off period is a great way to protect yourself when buying a property
in South Australia. It gives you the chance to make sure you are happy with the
purchase before you commit to it.
At Ello Lending, we understand that buying a property is a big decision and we
want to make sure you are happy with your purchase. That’s why we are here to
answer any questions you have and help you get a home loan. Our team of
experienced mortgage brokers have the knowledge and expertise to help you find
the right loan for your needs. So, if you have any questions about the cooling
off period or need help getting a home loan, don’t hesitate to get in touch.
We’d love to help.
