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Warning statement

A sale contract must include a warning statement. This statement advises the buyer:

You must include the following statement in the contract itself:

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 statement must be:

  • the exact words set out above
  • obvious, clear and legible.

You must place the statement:

  • on the same page that the buyer signs to execute the contract
  • directly above the space for the buyer’s signature.

The buyer may cancel the contract without penalty if you don’t include this statement in the sale contract.

Last updated
12 November 2015
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