Most people are aware that when they are buying a property they are entitled to a 5 day cooling off period (unless their lawyer provides a certificate waiving that entitlement).

However, did you know that you have no entitlement to a cooling off period if you are buying:

  • commercial property
  • land larger than 2.5 hectares
  • vacant land (unless the law permits you to build a single residence on the block)
  • a block of flats (provided there are more than 2 flats in the block)
  • any land with more than 3 residences on it
  • any strata lot that has more than one residence in the lot.