Cooling-Off Period in Victoria (VIC)
Victoria's cooling-off period is 3 business days with a penalty of $100 or 0.2%. Learn your rights under the Sale of Land Act 1962 and when cooling-off doesn't apply.
Definition
Victoria Cooling-Off Period
Victoria cooling-off is 3 business days under the Sale of Land Act 1962 (VIC).
Quick Facts
| Duration | 3 business days |
| Penalty | $100 or 0.2% of purchase price (whichever is greater) |
| Legislation | Sale of Land Act 1962 (VIC) |
| Starts | When the buyer signs the contract |
| How to Exercise | Written notice to the vendor before the period expires |
| How to Waive | Section 31 certificate signed by the buyer's legal practitioner |
Exceptions
The cooling-off period does not apply in the following situations in Victoria:
- Properties sold at public auction
- Properties purchased within 3 business days of a passed-in auction
- Where a Section 31 certificate has been issued
- Properties over 20 hectares
Does Cooling-Off Apply at Auction?
No. Properties purchased at public auction in Victoria 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?
Yes. In Victoria, the cooling-off period can be waived via: Section 31 certificate signed by the buyer's legal practitioner. This is common in competitive markets where vendors prefer certainty, but it removes your right to withdraw without penalty. Always seek independent legal advice before agreeing to waive cooling-off.
Frequently Asked Questions — VIC 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.
Get AI Contract Analysis
Realestate Lens flags cooling-off clauses, hidden costs, and red flags in any Australian property contract — powered by AI.
Get Started Free