Cooling-Off Period in Tasmania (TAS)
Tasmania has no mandatory statutory cooling-off period for residential property sales. Learn how to protect yourself with contractual conditions when buying in TAS.
Reviewed against current legislation on
Definition
Tasmania Cooling-Off Period
Tasmania cooling-off is No statutory cooling-off period under the Property Agents and Land Transactions Act 2016 (TAS), does not mandate a cooling-off period.
Quick Facts
| Duration | No statutory cooling-off period |
| Penalty | N/A, no statutory cooling-off |
| Legislation | Property Agents and Land Transactions Act 2016 (TAS), does not mandate a cooling-off period |
| Starts | N/A |
| How to Exercise | N/A, buyers must rely on contractual conditions (finance, inspection) to exit. Some contracts may include a voluntary cooling-off clause |
| How to Waive | N/A |
Exceptions
The cooling-off period does not apply in the following situations in Tasmania:
- Some contracts may include a voluntary cooling-off clause, check with your solicitor
Does Cooling-Off Apply at Auction?
No. Properties purchased at public auction in Tasmania do not have a cooling-off period. The contract becomes legally binding from the fall of the hammer. This means all due diligence, including building and pest inspections, contract review, and finance approval, must be completed before auction day. If a property is passed in at auction and sold by private treaty shortly afterwards, cooling-off may also be excluded depending on the timeframe and state legislation.
Can the Cooling-Off Period Be Waived?
Since Tasmania does not have a statutory cooling-off period for standard residential sales, the concept of waiving cooling-off does not apply. Buyers should ensure they include appropriate contractual conditions (such as finance and inspection clauses) to protect themselves.
Frequently Asked Questions, TAS Cooling-Off
Cooling-Off in Other States
Related Resources
- Exchange of Contracts Explained, Understand what happens when contracts become legally binding.
- Pulling Out After Signing a Contract, Your options and financial consequences if you change your mind.
- How to Read a Property Contract, A buyer's guide to understanding every clause before you sign.
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