Cooling off period stretches to 14 days from Friday

This week sees the existing seven-day cooling off period in consumer legislation extended to 14 days, meaning agents must give vendors a fortnight in which they may change their mind about instructing them, without penalty.This applies only to contracts signed outside of the main business accommodation – so not in agents’ offices – but as the majority of vendors’ instructions are signed in the home on sale, the importance to agents is considerable.

Although many agents traditionally want to market a property immediately upon instruction – inability to do so was one of the sticking points with the old Home Information Packs, for example – they must nonetheless give vendors written information which includes their right to cancel within the new 14 day cooling off period.

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