COOLING-OFF PERIOD (OWNERS’S RIGHTS) IMPORTANT NOTICE TO OWNER AND BUILDER 1.This is the statement required under section 7BA of the Home Building Act 1989 and applies to a residential building contract entered into after 1 January 2002. 2. The Owner may rescind the contract: • in the case of an Owner who has been given a copy of the signed contract, at any time before 5.00p.m. on the fifth business day after the day on which the Owner was given a copy of the signed contract; • in the case of an Owner who has not been given a copy of the signed contract, at any time before 5.00 p.m. on the fifth business day after the Owner becomes aware that he or she is entitled to be given a copy of the signed contract; EXCEPT in the circumstances listed in paragraph 3. A business day means any day other than a Saturday, Sunday or public holiday or 27, 28, 29, 30 or 31 December. 3. There is NO COOLING-OFF PERIOD, if, at or before the time the contract is made, the Owner gives to the Builder a certificate provided by the Owner’s legal representative to shorten or avoid the cooling-off altogether in accordance with section 7BA subsection (5). 4. If the Owner exercises the right to cool off by rescinding the contract, this is done without penalty. 5. This right of rescission exists regardless of whether work has already commenced under the contract although the Builder will be entitled to reasonable costs for work already done under the contract to the date of rescission.
Owner’s Initials ………………..…..…………
Builder’s Initials ………………..….……….……..
Made with FlippingBook Publishing Software