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ARTICLE · 19 APRIL 2016

Property buyer beware: an expensive lesson in cooling off!

Madgwicks
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Giving notice to the real estate agent to terminate their contract, during the cooling off period, was not sufficient.

AustraliaReal Estate and Construction
Catherine Ballantyne
Catherine Ballantyne

Two property purchasers in Richmond, Victoria, have learned the hard way that giving notice to the real estate agent, rather than the vendor, to terminate their residential purchase contract during the cooling off period, was not sufficient.

What you need to know:

  • Read all contracts carefully, especially in relation to how to serve notices.
  • Giving notice to a real estate agent is not necessarily sufficient as termination in the cooling off period. When serving a notice, serve it in the manner and on the person contemplated by the contract.
  • Do not assume that a real estate agent will legally be considered the vendor's agent in all matters relating to the property.

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