Raine and Horne

Cooling-Off Period Some Australian states have what’s known as a ‘cooling-off’ period. This is a period of two to five days after the exchange of contracts, in which you are allowed to pull out from the sale. In this cooling- off period, you might want to organise pest and/or building inspections. Of course, there’s no cooling-off period for the vendor, or if you buy at auction. Settlement Your sale is all finalised when the balance of the sale price plus any other adjustments have been paid, and the title and transfer documents have all been exchanged. Settlement usually takes place between two to six weeks after signing contracts. At settlement that’s it! You become the legal owner of the property. State Tax Stamp duty is a government tax that you must factor in. It’s a percentage of the sale price that must be paid upon settlement. Your real estate agent will be able to explain the specific taxes payable in your State or Territory. Buying at Auction Bidding at auction is no small deal. Before you bid, you have to know exactly what you’re doing and be aware of any issues relating to the property. When the property goes to you under the hammer, there is no cooling off period. You must purchase the property. PROOF