What You Need to Know About Cooling Off Periods When Buying Property - With John and Nicola Kefalianos

What You Need to Know About Cooling Off Periods When Buying Property   What are "cooling-off periods" when buying real estate?   In this episode of the podcast, Nicola Keflianos, and her father John, a mortgage broker and property developer, delve into this concept. They explore the differences in cooling-off rights across various states, including New South Wales, Victoria, Queensland, South Australia, Northern Territory, Tasmania, and Western Australia.   Listeners learn that cooling-off periods allow buyers a specific timeframe to withdraw from a contract after signing, with varying durations and conditions depending on the state.   The episode emphasises the importance of understanding these rights, especially for first-time homebuyers, and highlights the need for proper clauses in contracts to protect buyers. They also touch on the risks associated with buying at auctions, where no cooling-off period exists.   Click on this episode now for an informative discussion that equips potential homebuyers with essential knowledge about navigating the property market in Australia.     Chat with John about how much you can borrow: [email protected]   Finance Lab: https://www.financelab.com.au/       Disclaimer: This podcast provides general information only and is not legal, financial, or professional advice. Listeners should seek personalised advice from licensed professionals for their individual circumstances. The hosts and guests are not liable for actions taken based on this content. Opinions expressed are those of the hosts and guests, not any official institution.See omnystudio.com/listener for privacy information.