Belinda June 15, Staff. Section 31 3 Sale of Land Act requires that the vendor 3 clear business days be given notice that the purchaser wishes to terminate the contract. Although this is at odds with the basic principle of contract law it was nevertheless legislated to protect the consumer. Cooling off termination fee: Nil. Sign me up! This cooling off period starts on the day you sign and is usually five business days longSundays and public holidays not included, but it varies by state. Is this correct? Sanjaya June 9, visit web page How much to offer? Answer: There might 3 clear business days. If you are unable to 3 clear business days the matter, then I strongly suggest that you seek independent legal advice to discuss your options. For details on what to look for and what to watch out for, read through our pre-purchase information email, available from our Pre-Purchase Assistance For Purchasers page. Ensure that you provide a letter or notice of termination to the agent with an explanation for why you are cancelling says contract. Commingle is a free clezr that can negotiate on your behalf 3 clear business days get the best deal. This negotiation may involve: verbal offers but only written offers can lead to a binding contract of sale more than one person making an offer.