Cooling-Off Period in Tasmania

What is a Cooling-Off Period?

When buying property, a cooling-off period is the amount of time a buyer can withdraw purchase after signing the contract. This is especially important for buyers as sometimes issues can arise that can cause a change of heart. 

Some of these issues can include: 

• A buyer simply changing their mind about the purchase

• An issue about the property such as pest infestation arising from an inspection

• Future infrastructure developments in the area that could potentially affect the property

• A sudden change in the buyer’s financial situation

How long is a Cooling-Off Period? 

The amount of time for cooling-off periods differs from state to state. In Tasmania, there is no automatic cooling-off period for property purchases. In the Contract of Sale, you must choose to apply a cooling-off period if you want to have the benefit of this time. 

The cooling-off period, unless a special precondition is included to change the standard timeframe, is three (3) full business days and does not include the date of the Contract.  

If you’re still confused, we can help! Contact EB Conveyancing for your conveyancing needs.