Cooling-off period
Two clear business days from contract signing during which a residential property buyer can rescind without penalty (subject to a small forfeit).
South Australian cooling-off is set by the Land and Business (Sale and Conveyancing) Act. Two clear business days from receipt of the signed contract - weekends and SA public holidays don't count.
Rescission must be in writing, before the deadline. A small portion of the deposit (typically $100) is forfeited; the balance is refunded.
Cooling-off doesn't apply to auction purchases (you waive it by bidding) or to purchases where you've waived it in writing. For everything else, it's a critical buffer to confirm finance, get a building inspection, and review the Form 1 vendor's statement.
Pre-purchase inspection
An AS 4349.1 compliant inspection of a property before you commit to buying. The standard due diligence step in any Adelaide property purchase.
Form 1 (vendor's statement)
South Australian statutory vendor disclosure document. Sellers must serve a Form 1 on buyers, detailing material facts about the property.