In South Australia, if you buy a property other than at auction you have a cooling-off period when you can reconsider the purchase, conduct further inspections, or to just change your mind if you feel you have made a hasty decision.
The Form 1 details your right to cool off and how you must go about serving a cooling-off notice.
The cooling-off period expires at the end of the second clear business day after the contract was made (if you received the Form 1 prior to making the contract), or the Form 1 was served on you (if you received the Form 1 after making the contract). However, you cannot cool off once settlement has occurred.
The cooling-off notice must be in writing and served on the vendor or the vendor’s agent.
Precise details of how the notice is to be served are set out in the Form 1. There is no special wording for the notice and no reason has to be given, however the notice has to be clear that the purchaser does not intend to be bound by the contract.
If a property is to be offered for sale by auction but you make a successful offer before the auction, a cooling-off period does apply unless you waive that right after obtaining independent legal advice.
You also have no right to cool off if you buy after the auction but on the same day the auction was held.
You may have a limited right to cool off if you buy by tender or if the contract is made by the exercise of an option to purchase the property.