faq building

Frequently Asked Questions About The Building Process

What does WIR mean?

WIR stands for Walk In Robe

What does STCA mean?

STCA means Subject To Council Approval

What is the 3 day cooling off period?

In Victoria, purchasers of real estate are generally entitle to a 3 day cooling off period - which allows the purchaser 3 business days from the signing of the purchase contract to to terminate the contract (starting when the purchaser signs the contract regardless of when the vendor signs).

Whilst you should always conduct adequate investigations before purchasing any property, the cooling off period gives you 3 days in which to carry out further investigation, have the contract reviewed (if it has not already been done) and obtain a feasability study. Termination should only occur if significant issues have been discovered - such as errors in the contract, facts not matching verbal assurances and problems identified with the feasability study. Many issues will be discovered with thorough research and a feasability study prior to purchase.

This does not apply for land that is primarly used for commercial or industrial land or land used primarily for farming which is larger than 20 hectares. The cooling off period also does not apply to sales at an auction (or 3 days before or after the auction), if the parties to the contract have previously entered into a contract in similar circumstances for the same property, where the purchaser is a body corporate or estate agent.