Cooling Off Period

By definition a cooling off period is ‘A period of time after a sale contract is agreed during which the buyer can cancel the contract without incurring a penalty’. This is not wholly correct when dealing with Cooling Off Periods involving property in NSW.

Every contract for the sale of residential property has a cooling off period. The cooling off period is five business days for normal transactions and ten business days for Off The Plan purchases. The purchaser may rescind the contract for any reason at any time prior to 5.00pm on the fifth business day after the day on which the contracts were exchanged. A purchaser who rescinds the contract under the cooling off provisions will forfeit to the vendor 0.25% of the purchase price of the property. Any deposit already paid by the purchaser is refunded less the 0.25% forfeited.

There is no cooling off period if the property is purchased at auction, purchased on the same day as the property was offered for auction or if a certificate under s.66W of the Conveyancing Act is signed by the purchaser’s conveyancer and given to the vendor’s conveyancer or agent at or before the time of exchange of the contracts.

A certificate under S66W of the Conveyancing Act is a certificate signed by the purchaser’s conveyancer stating that the contract has been explained to the purchaser by the conveyancer signing the certificate and that the purchaser waives his/her rights under the cooling off provisions of the Conveyancing Act. There is a specific format for this certificate detailed in S66W of the Conveyancing Act.

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Casey Dwyer
Casey Dwyer
2020-11-08T05:46:49+0000
Our first time selling a property, James made the process easy and stress free. I would... definitely use again and recommend to all my friends and family.read more
Louise Lashlie
Louise Lashlie
2020-11-03T01:48:26+0000
A very professional service. Great communication and very friendly. I would highly... recommend Page Conveyancing.read more
Melissa Van Dam
Melissa Van Dam
2020-10-19T10:01:34+0000
I have used Page Conveyancing for two sales and two purchases of property over the last... 10 years. I have always found Kim Shaw to be very professional yet approachable and she has always protected my interests in all matters. I would whole hardheartedly recommend Page Conveyancing when buying and/or selling property and their rates are very reasonable.read more
Jan Babich
Jan Babich
2020-09-21T10:59:03+0000
Kim Shaw from Page Conveyancing handled my recent purchases in a professional, friendly... manner. I highly recommend Kim and Page Conveyancing to provide expert advice and a stress free service. Thank you Kim very much.Jan Babichread more
Kane Addison
Kane Addison
2020-08-28T05:59:08+0000
Page managed both my recent sale and purchase. I experienced nothing but professionalism... in both instances. Kim Shaw was fantastic to deal with and she ensured the entire engagement was managed effectively. I felt secure in the knowledge Kim was driving the process for me. Highly recommend!!read more

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