The cooling-off period right can’t be contracted out. There should be a Notice within the contract stating your rights (for residential land) and if this Notice is missing from your contract, you may have grounds to rescind.
The cooling-off period gives you an exit, for a short period of time, but it’s not a “free pass.
✔ Where it applies, you can use the period for any reason, such as:
✘ You can’t rely on a cooling off period:
Always check with us before assuming you’re covered.
Until the cooling-off period ends, the purchaser can rescind, which can be understandably disappointing.
Within the cooling off period, you shouldn’t:
If the purchaser rescinds correctly, you must refund the deposit paid (minus 0.2% of the purchase price).
The legal 'grey area: 5pm or Midnight?
For peace of mind and to avoid disputes:
Purchasers should act well before 5pm
Vendors should assume the right lasts until midnight
The Victorian cooling-off period is a powerful protection, but it’s also misunderstood. It’s time-limited, conditional, and must be used correctly to be effective. Whether you’re thinking of withdrawing or responding to a purchaser who is, we’ll guide you through it with confidence and clarity.
Need advice on cooling off? Contact us immediately—because when it comes to timing, every hour counts.
The information is general in nature and does not constitute legal advice. If you are buying or selling, please contact us to request legal advice.