Cooling off to be easier for buyers
HOME buyers who change their mind after signing a contract will find it easier to withdraw from the sale under changes to the Sale of Land Act.
From March 1, buyers will no longer give up their right to cool off if they seek independent legal advice before signing, a change that may put an end to private boardroom auctions.
Rules preventing buyers from cooling off three business days before, or after, a public auction remain unchanged and a penalty of 0.2 per cent of the purchase price still applies.
