Buyers Centre
Purchase Options
Cooling off - Facts and benefits for the purchaser
The cooling-off period is only available
to the purchaser and allows for an offer. The signing of a
five day cooling off period provides protection against:
• the vendor pulling out of the sale
• another purchaser paying more for the property
• any government body wishing to purchase the property
Purchase option one – Unconditional exchange
Getting your solicitor to sign a 66W
certificate will waive any cooling-off period and make both
parties (vendor and purchaser) committed to an instant, legally
binding relationship.
Purchase option two – Exchange of contracts
This option is subject to a 5 day cooling
off period (upon exchange of contracts) and gives you (the
purchaser) the right to rescind the Contract of Sale. It also
gives you and your solicitor the time to organise inspections
and reports. In New South Wales the cooling off period
commences upon the exchange of contracts and terminates on
the fifth working day at 5pm E.S.T. It is important to note
that Saturday, Sunday and public holidays are not considered
to be working days and that the vendor has the right to extend
this period by a clause in the contract or by notice in writing
given before the end of the period.
Purchasing an investment property
Inner city residential property remains
a secure and profitable investment, for both owner occupiers
and landlords. Renting an investment property
can stretch investment dollars because it allows investors
to take advantage of a wide range of taxation
benefits and deductions available. Visit a list of properties
for sale with Elizabeth Bay Real Estate.
Those which may be claimed each year against the rental income
of your investment property include:
• Land and water rates
• Insurance cover
• Bank charges and accounting fees
• Travel expenses incurred for repairs or inspections
• Legal costs if you even have to collect outstanding
rents or evict tenants
• Depreciation e.g. stove, light fittings, carpets and
floor coverings, hot water service, curtains and other non
removable items
To find out more about investing in property in New South
Wales visit the moneymanager.com.au
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