Understanding a cooling off period and finance clause
The cooling off period is your last chance to withdraw from buying a property – so it’s important to know how it works.
A cooling off period allows a purchaser to enter a Contract for Sale of Land and secure a property whilst having time to finalise pre-purchase inspections, unconditional finance approval and ensure they are fully satisfied with their decision to purchase the property before being unconditionally bound by the contract.
A finance clause allows a purchaser to enter a Contract for Sale of Land and secure a property whilst they finalise their finance application and obtain unconditional finance approval.
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