May
14
Before sign the contract, didn’t notice the cooling off period provision was not included in the contract. And the agent mentioned that i have 5 days of cooling off period etc. Then I signed.
Conveyancing Act 1919 said if no cooling off period provision in the contract, the purchaser can service a notice to rescind the contract.
Question is 1. Did i entered a completed contract or incomplete? 2. Even agent mentioned about the provision orally, can i rescind the contract anyway?
Thanks !
If i rescind the contract, is the agent in trouble?
Are you thinking about selling your home yourself? then
Your lawyer can file a notice to rescind the contract.
The notice should make reference to the conveyance act and all amendments which might have effect. The agent mentioned a 5 day limit on rescinding the contract. That could have been reduced in the contract, but if not, then you have 5 days.
Absence of a mention of a reference to a cooling off provision does not make the contract invalid. It merely brings the terms of the conveyance act into play.
Land doesn’t usually have a cooling off period. Perhaps your state is different. Unless there is one, you have a contract and cannot just walk away. The Statute of Frauds governs this unless your sale was for under $500 total, which I doubt. Everything has to be in writing. If it isn’t there, it doesn’t apply.
In most states the "cooling off period" is only for things you purchased without seeing. So you can cancel a magazine subscription you purchased from someone who rang your doorbell. There are also "high pressure" sales which give the buyer a cooling-off. That would be for Exercise Gyms offering Lifetime memberships.
In most states, real estate sales are not subject to a "right of recission". So your mention of Conveyancing Act 1919 needs to mention real estate or any other limitations before you can quote it..