DUE DILIGENCE AND COOLING-OFF PERIOD
It is important to complete your due diligence as a first buyer regarding the property well in time. This includes property inspections, contract review, amendments to be made in the said contract, and approval of finance. We can help you get the required finance if you do not have a mortgage broker. The due diligence needs to be completed well before the cooling off period ends. Cooling off period refers to the time between the exchanges of the contracts. Some buyers prefer to complete the due diligence and negotiation of the contract prior to signing it, especially if there is no cooling off period.
We advise our clients to be prepared in advance for this phase so that all parties involved are done with due diligence within the mandated cooling off period and are ready to sign the contract. This becomes even more important if there is no cooling off period, like in the case of properties that have been auctioned. In this case, you will have to be ready on a short notice and keep yourself available for completing paperwork related to mortgage, property, building, pest, and strata inspections.