Cooling-off: an era draws to a close
From the 1st of March this year purchasers will no longer be able to waive the cooling-off period by obtaining independent advice from a legal practitioner prior to signing a land sale contract. Purchases at an auction or within three clear business days of the auction are still not subject to cooling off.
This follows an amendment to the Sale of Land Act by the Parliament in 2010. The REIV opposed this change.
This change has resulted in the REIV and LIV jointly publishing a new Contract of Sale. The contracts will shortly be available in printed and electronic versions.


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