The cooling-off period
The cooling-off period commences when the vendor and agent sign (or where there is more than one vendor, when the last client signs) the selling agency agreement and ends at 5 pm on the next day that is a business day or a Saturday. Saturday is included for the purposes of the cooling–off period, Sunday and public holidays are not.
Waiving cooling-off rights
The agent must provide the vendor, a copy of the proposed (unsigned) selling agency agreement, and in the case of residential land, a copy of the approved consumer fact (FTR32) sheet, Agency Agreements for the sale of residential property, at least one business day before the agency agreement is signed. When the selling agency agreement is signed, the vendor also signs the prescribed (approved) form, Waiver of Cooling-Off Period. The correct procedure must be followed to ensure a valid agency agreement.
Consider including a reminder of the waiver of vendor cooling-off in your sales process checklist.
Consumer fact sheet FTR 32:
http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Selling_property/Using_an_agent/Agency_agreements.html
Section 59 Waiver of Cooling Off form
Scroll down to operational forms on the link below
http://www.fairtrading.nsw.gov.au/About_us/Our_services/Forms/Property_services_forms.html
EAC members receive this information when released and have access to EAC's Agency Practice & Support team. |
