Not happy with the choice of home that you bought? Found some things that you did not notice before? Suddenly realized that the structure is not as sound as you believed it to be? Are you cursing your luck at having bought a lemon? This is good news for you.
Cool off and take a look at your contract. In some cases the customer who bought the property, you, has a right to get out of the purchase, under some circumstances during the cooling off period. This cooling off period differs from state to state and you will need to find out what the time period is in your territory.
Things looking up a bit after that piece of news? Good. There are some more things that you should know. A cooling off period is only applicable to a domestic property and not to a commercial one. Even a farm does not have this option. Also you need to have made a private purchase and not bought the property at an auction.
Plus, if you are looking to exercise this option you need to inform the person you bought the property from in writing about your decision. Not only do you send it in written you send it over within a predetermined number of clear business days. A clear business day does not include Saturdays, Sundays or Public Holidays.
So before you choose to send that letter in make sure that you meet all these requirements for it to work legally in your favour.
Buying a new home? Search engines offer a wealth of information on home loans - simply type in a search term to start you off on your search for the perfect variable rate home loan. You can even find location-specific lenders, such as home loan Australia.
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