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Posted on Feb 11, 2012 | Tags: conveyancing, residential purchase | Comments (0)
When you buy a residential property in New South Wales, the law prescribes that there be a 5 business-day “cooling off period”.
This cooling off period allows the purchaser the option to get out of (rescind) the contract for sale within that period.
The cooling off period begins as soon as you exchange the contracts for sale (contract date) and ends at 5pm on the fifth business day.
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