Closing the Deal
In a private treaty sale, once your offer is accepted you close
the deal as follows
(if you are the winning bidder at an auction you have to exchange
unconditionally):
Note that the cooling-off period varies by state/territory:
|
State/Territory |
Cooling-off period* |
Penalty for cooling off** |
|
New South Wales |
5 days |
0.25% |
|
Victoria |
3 days |
Higher of $100 or 0.2% |
|
Queensland |
5 days |
0.25% |
|
Western Australia |
0 |
N/A |
|
South Australia |
2 days |
0*** |
|
Tasmania |
0 |
N/A |
|
Northern Territory |
4 days |
0 |
|
Australian Capital Territory |
5 days |
0.25% |
*
There are some circumstances in which the cooling-off period does not
apply.
** Percentage of purchase price.
*** The deposit is usually paid after the cooling-off period. If a
holding deposit (no more than $100) was paid, it is forfeited.
|
