Conveyancing

After you have signed a contract to buy a house, can you change your mind?

If it is a residential property, subject to certain exceptions (eg. buy the house by public auction), there is a cooling off period. You may rescind the contract at any time before 5pm on the fifth business day after the day on which the contract was made. However, 0,25% of the purchase price of the house will be forfeited by the vendor.