Termination of a Contract under the 5-business day cooling-off provision:
If a buyer terminates a Contract of Sale at any time during the stipulated 5-business day period, they will have to pay the seller 0.25% of the property price on the Contract. There is no additional GST payable on this amount.
If the buyer has elected to waive the cooling off period provision they will not incur any cost and consequently cannot terminate a Contract.
But............what happens after the cooling off period? What then?
