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Cooling off period

Cooling off period

A standard cooling off period of 5 days is issued for all NSW contracts unless you choose to purchase a property at an auction or waive your right to a cooling off period by signing a section 66w certificate. The agent can also issue you a cooling off period of up to 10 days or you can seek an extension through your solicitor/conveyancer. 

The cooling off period is time for the purchaser to do the following due diligence on the purchase:

  • An unconditional finance approval (the lender will carry out a valuation and further checks on your application to issue out a final approval and acceptance of the property as security for the loan)
  • A satisfactory pest & building inspection (you or your solicitor will contract a pest & building inspector to carry out inspections on the property and provide you with a report and their opinions on the property)
  • Any other enquiries on the property that may be of concern (council approvals for any extensions or improvements on the property or future development enquiries)
  • Negotiate any other terms of the contract (settlement date, deposit payable at the expiry of cooling off etc)

At the end of your cooling off period, if all of your due diligence is completed, you can continue with the purchase by simply paying the balance of the deposit due on the property.