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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Rhonda Shaw
Rhonda Shaw
2020-04-21T03:40:58+0000
Excellent service. Friendly and efficient. Kim was amazing! Highly recommended.
Matty Dobson
Matty Dobson
2020-04-17T19:56:09+0000
Amazing service, very responsive, could not recommend higher! James at Page Conveyancing... was a pleasure to deal with and very professional, he made our new house purchase contracts a breeze to go over and complete. Very knowledgeable highly recommended!read more
Tanya Lee
Tanya Lee
2020-04-07T10:33:54+0000
My husband and I have bought and sold property with Page Conveyancing.Merrillyn and Kim... were friendly and professional and made each process stress free.100% recommended:)read more
Paul McAsey
Paul McAsey
2020-04-01T03:13:03+0000
Kim from Page Conveyancing dealt with the sale of my apartment in Port Macquarie. She was... very efficient and easy to deal with. She dealt with the whole process and ironed out any bumps. As I live in Sydney, it was of utmost importance to trust and rely on Kim. She exceeded expectations. I would highly recommend Kim and Page Conveyancing.read more
Geoffrey Gillham
Geoffrey Gillham
2020-02-12T01:48:07+0000
Excellent service great communication explaining everything just very... efficient.Thoroughly recommend Page Conveyancing.read more

Page Conveyancing

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