Property Occupations Act 2014

Subsections (2) and (3) apply—

to a seller who gives a proposed relevant contract for the first time to a proposed buyer for signing; and

whether or not the proposed relevant contract has been signed by the seller.

The seller must ensure the proposed relevant contract includes the following conspicuously written words or words to like effect—‘The contract may be subject to a 5 business day statutory cooling-off period. A termination penalty of 0.25% of the purchase price applies if the buyer terminates the contract during the statutory cooling-off period. It is recommended the buyer obtain an independent property valuation and independent legal advice about the contract and his or her cooling-off rights, before signing.’.

The seller must ensure the words are written in the contract once, immediately above, and on the same page as the place in the contract where the buyer signs to indicate the buyer’s intention to be bound by the contract.

Subsections (2) and (3) do not apply to a counteroffer by a seller to a relevant contract proposed by the buyer, unless the property the subject of the proposed relevant contract changes or the buyer changes, if—

the seller amends the proposed relevant contract (whether by amending the text or preparing a new proposed relevant contract) other than by changing the residential property concerned or a party to the contract; and

the seller gives the amended proposed relevant contract to the buyer as a counteroffer.

If subsection (2) or (3) is contravened—

the seller commits an offence if the seller personally gave the proposed relevant contract to the proposed buyer; or

the seller’s agent commits an offence if the seller’s agent gave the proposed relevant contract to the proposed buyer on behalf of the seller.