Victorian Numbered Acts Victorian Numbered Acts(1) A resident may rescind a prohibited transaction in relation to real or personal property or a reportable transaction between the resident and the proprietor, or a close associate of the proprietor within the cooling off period.
(2) During the cooling off period, a proprietor, or a close associate of the proprietor, as the case requires, who is a party to a transaction must not have any other dealings with the property to which the transaction relates.
Penalty: 120 penalty units, in the case of a natural person;
600 penalty units, in the case of a body corporate.
(3) In this section, "cooling off period", in relation to a transaction, whether or not a prohibited transaction or reportable transaction, means the period ending 5 days after the day on which the transaction was entered into.
(4) This section applies despite anything to the contrary in any Act other than the Charter of Human Rights and Responsibilities Act 2006 .