Can You Extend the Cooling-Off Period in Victoria?

Your three clear business days are nearly gone, but the bank valuation, building report or contract advice you were waiting for still hasn’t arrived. Asking for more time can be sensible, but the request itself doesn’t stop the cooling-off clock.

The short answer: Victoria’s statutory cooling-off period does not automatically extend. Under section 31 of the Sale of Land Act 1962, an eligible buyer has three clear business days after signing to terminate by signed written notice; a seller may separately agree to give the buyer extra contractual time, but the safest course is to have that agreement settled in writing before the statutory deadline expires.

What is the Victorian cooling-off deadline?

For an eligible private sale, section 31 of the Sale of Land Act 1962 gives the buyer three clear business days after signing the contract to terminate it by signed written notice.

The day you sign determines the clock, but it isn’t counted as one of the three clear business days. For this part of the Act, a business day excludes Saturdays, Sundays and days observed as public holidays throughout Victoria. If you sign on a Monday and there is no statewide public holiday, Tuesday, Wednesday and Thursday are normally the three clear business days.

The period runs from the buyer’s signing, not the seller’s signing or the date the fully signed contract reaches your inbox. That timing is one reason our private treaty sale guide recommends getting the contract and Section 32 checked before you sign.

If a valid statutory cooling-off notice is given in time, the seller may retain the greater of $100 or 0.2 per cent of the purchase price, with the balance of money paid returned to the buyer.

Can a buyer extend cooling off by asking the agent?

No. Asking the estate agent for extra time does not, by itself, change the section 31 deadline.

The seller may agree to give you an additional contractual right to end the contract, refuse the request, offer less time or propose conditions. Until there is a clear agreement that binds the parties, work on the basis that the original statutory deadline is still running.

An agent can pass the request to the seller, but don’t treat a reassuring phone call or an unanswered email as protection. If the seller has not agreed before your existing deadline, you may have to decide whether to proceed or use your statutory cooling-off right while it is still available.

Does a cooling-off extension change section 31?

No. The Act still provides the same statutory period. Any extra time agreed by the parties is better understood as a separate contractual termination right, not extra statutory cooling-off days.

That distinction matters because section 31 also says a contract or other document cannot exclude, modify or restrict a cooling-off right the section gives the buyer. A special condition cannot simply shorten a valid statutory period or take it away.

Giving a buyer more time is different. The parties can document an agreed contractual change that adds a right. Our guide to contract variations after signing explains why post-signing changes should be recorded clearly rather than left in an email chain.

What should a written cooling-off extension include?

A useful extension should leave little room for argument. It should identify the contract and property, state the new deadline precisely and explain how the additional termination right works.

Your conveyancer should check points such as:

who can receive the buyer’s notice
the permitted way to give that notice
the exact date and time the extra right expires
whether the buyer can use the right for any reason or only for a stated reason
what amount, if any, the seller may retain
when the remaining deposit will be returned
whether finance, building inspection or other conditions keep their existing deadlines
whether all other contract terms remain unchanged
how each party accepts the variation.

Do not assume the statutory deduction of $100 or 0.2 per cent automatically applies to a termination after the statutory period. If the extra right is contractual, the variation should spell out the financial result.

If there are multiple buyers or sellers, make sure the agreement is accepted in a way that binds everyone who needs to be bound. A message from one person may not settle the position for every party named in the contract.

When should you request more cooling-off time?

Ask as soon as you realise the existing period may not be enough. An early request gives the seller time to consider it and gives you time to make another decision if the answer is no.

Buyers may ask because a lender’s valuation is unfinished, a building or pest inspection cannot be completed in time, an owners corporation document raises a question, or the Section 32 needs closer review.

Those reasons do not create an automatic entitlement to extra time. Finance and inspection protection should usually be dealt with through their own properly drafted conditions. Cooling off is a short statutory exit right, not a substitute for a building inspection condition or a subject to finance clause.

In our practice, we’ve seen the risk become sharp when a buyer treats an extension request as though it has paused the clock. We calculate the existing deadline first, then deal with the extension request while keeping the buyer’s current options in view.

What if the seller says no or does not reply?

Assume there is no extension unless a binding agreement says there is one. Silence does not add another day.

If section 31 applies and the original deadline is approaching, you may need to choose between continuing with the purchase and giving a valid cooling-off notice. A finance, inspection or other special condition may create a separate right, but only if its wording and deadline support that step.

If you decide to cool off, do not rely on a vague message such as ‘we may need to cancel’. The statutory notice should clearly communicate the decision to terminate, be signed and be given in the way section 31 permits. Keep evidence of what was sent, when it was sent and who received it.

Does cooling off apply to every Victorian property purchase?

No. Before asking for an extension, check that section 31 applies to your transaction in the first place.

The statutory cooling-off right does not apply where:

the sale is by publicly advertised auction
the land is sold within three clear business days before the auction, on the auction day, or within three clear business days after it
the land is used primarily for industrial or commercial purposes
the land is more than 20 hectares and used primarily for farming
the same buyer and seller previously entered into a contract for the same land on substantially the same terms
the buyer is an estate agent or a corporate body.

That auction rule catches some Melbourne buyers after a property passes in. A negotiated deal may look like an ordinary private sale, but the timing around the advertised auction can remove the statutory right.

A clause that says the buyer has ‘waived’ cooling off is a separate issue. Section 31 says a document cannot exclude, modify or restrict a right the section gives the buyer. Our guide to cooling-off waiver clauses explains why the actual contract and transaction dates should be checked rather than relying on the label.

What does a cooling-off extension look like in practice?

Imagine you sign a private-sale contract for a Coburg unit on Monday afternoon. There is no statewide public holiday that week, so Tuesday, Wednesday and Thursday are the three clear business days.

On Wednesday morning, your lender is still waiting on a valuation and the owners corporation papers have raised a question. Your conveyancer confirms that section 31 applies, identifies Thursday as the statutory deadline and asks the seller’s representative for an extra contractual right until 4 pm Friday.

The seller agrees in a signed variation. It states that the buyer may terminate by written notice to the seller’s conveyancer before 4 pm Friday and sets out the agreed deposit consequence. The Friday right exists because of that written agreement. If the seller had refused or not responded, Thursday would still have been the key statutory decision point.

What should you send your conveyancer if the deadline is close?

Send the signed contract, Section 32, the date you signed, the approximate signing time, any advertised auction date and every message about the extension request.

Also explain what you are waiting for and when you expect it. Your conveyancer can then:

check whether section 31 appears to apply
calculate the statutory deadline
review any finance or inspection condition separately
prepare or review proposed extension wording
check the seller’s response and any conditions attached
preserve a clear record of the agreement or cooling-off notice.

If the deadline is today, call. A carefully drafted email sitting unread in someone’s inbox does not protect you by itself.

Frequently asked questions

Can a seller extend the cooling-off period in Victoria?

A seller can agree to give a buyer extra contractual time to terminate, but the seller is not required to agree. The safest approach is to record the extra right clearly in writing before the original section 31 deadline expires, including the new deadline, notice requirements and financial result.

Does requesting an extension pause the cooling-off period?

No. The statutory cooling-off period continues to run while an extension request is being considered. Unless a binding agreement changes your contractual position, act on the existing section 31 deadline.

How many days is the property cooling-off period in Victoria?

For an eligible Victorian private sale, section 31 provides three clear business days after the buyer signs the contract. Saturdays, Sundays and days observed as public holidays throughout Victoria are excluded from the definition of a business day for this part of the Act.

Can I get extra time because finance is not approved?

Not automatically. You can ask the seller for additional contractual time, but finance protection normally depends on a separate subject to finance condition and its own wording and deadline.

Can I extend cooling off for a building inspection?

You can request extra contractual time and the seller may agree or refuse. A properly drafted building inspection condition is separate from statutory cooling off and may give more specific protection for an inspection issue.

What happens if the seller does not answer before the deadline?

Treat the request as unapproved. If section 31 applies, you may need to decide before the statutory deadline whether to continue with the purchase or give a valid written cooling-off notice.

About the Pearson Chambers Conveyancing team

Pearson Chambers Conveyancing is a Melbourne-focused team assisting Victorian residential buyers, sellers and property owners. We review contracts and Section 32 statements, check special conditions, prepare or review written variations and manage time-sensitive notices through to settlement. Cooling-off deadlines and extension requests are part of the contract work our team handles for buyers who need a clear next step.

Sources we consulted

Need more time before your cooling-off deadline?

If you have already signed and the deadline is close, contact Pearson Chambers Conveyancing promptly. Send us the contract, Section 32, signing details, auction information and any extension messages so we can check the deadline, review the proposed wording and help you understand the available next step.

If you have not signed yet, ask us for a complimentary contract and Section 32 review before you commit.

Email: contact@pearsonchambers.com.au

General information only, current as at the date of publication. Victorian conveyancing rules and legislation change frequently. Please contact the Pearson Chambers Conveyancing team for advice on your specific contract.