Buying or selling a residential property?

With our Residential Conveyancing Offer, we offer fixed fees of $590 (plus disbursements) for your purchase or sale. Conditions apply. | See more …

Have you been charged with a criminal or traffic offence?

We offer fixed fees from $1100 for one of our Lawyers to appear on one day at any Local Court in Sydney. Conditions apply. | See more …

Buying a property and need a home loan?

Our experienced Brokers can help you compare interest rates and home loans, at no cost to you in the comfort of your own home. | See more …

Do you need to lodge your personal Tax Return?

Our Chartered Accountants & Tax Agents charge a flat fee of $88 for your Individual salary or income tax returns. Conditions apply. | See more …

Secure your financial future. Plan today, enjoy tomorrow.

Create wealth. Minimise tax. Structured tailored solutions. Arrange a free consultation with a Financial Advisor today. Conditions apply. | See more …

You don't have a will? Don’t leave it until it’s too late...

We can help. Our lawyers will obtain an understanding of your situation and complete your simple will for $330. Conditions apply. | See more …

Conveyancing & Will Offer

Fixed fees of $790 (plus disbursements) for the sale or purchase of residential property & a simple will. Conditions apply. | See more …

Are you thinking of setting up a Company?

For a fixed fee of $440 plus disbursements, our Chartered Accountants can help you complete the puzzle of Company Registration. | See more …

Going to Court? Strategy is key.

You may feel like you are all alone and that the odds are against you. Speak to one of our experienced Litigation Solicitors. | See more …

Get the right legal advice for your business.

When it comes to your business, precision is key. Speak to one of our experienced Business & Commercial Law Solicitors. | See more …

Do you have a civil or commercial dispute?

Our Litigation Lawyers focus on delivering cost effective, strategic solutions to your legal dispute. | See more …

What are your legal rights? Do you know where you stand?

Don’t feel discouraged. We can help. For an agreed fixed fee, we can provide you with a preliminary legal opinion. | See more …

Are you considering setting up a Trust?

For an agreed fixed fee, our lawyers can assist you with tailored legal solutions for Discretionary, Hybrid, Family & Unit Trusts. | See more …

Are you thinking of setting up an SMSF?

For a fixed fee of $550 plus disbursements, our Chartered Accountants can help you register your SMSF. Conditions apply. | See more …

Set your Business & Company up on the right path.

For a fixed fee of $550 plus disbursements, our Chartered Accountants can help you register your Business & Company. Conditions apply. | See more …

Have you considered seeking Estate Planning legal advice?

We offer a special package of $440.00 including GST, for a simple Will, Power of Attorney and Enduring Guardianship. Conditons Apply. | See more …

Previous
Next

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. 

How the cooling off period works

You are entitled to use your cooling off rights for any reason whatsoever. For example, if a pest inspection shows that the property is affected by termites, or simply if you change your mind.

If you wish to use your cooling off rights, it is necessary to give the seller (vendor) written notice of this within the 5 business-day period.

The only catch with using the cooling off rights and withdrawing from the contract is that you will have to pay the seller 0.25% of the purchase price. For example, if the purchase price of the property is $500,000, you will need to forfeit to the vendor $1,250.

When the cooling off period does not apply

There are circumstances where the cooling off period does not apply. This includes:

  • Where the residential property is sold at public auction,
  • Where the contract is made on the same day as the property being offered for sale by auction but passed in (passed in occurs when the bidding on the property does not reach the vendor’s reserve price), and
  • Where you as the purchaser have signed a certificate which waives the cooling off period. This certificate is known as a section 66W certificate.

It is very common for vendors to include a section 66W certificate in the contract for sale and require that this is signed by the purchaser (or their solicitor). One possible reason a vendor may wish to exclude the cooling off period is to organise a quick contract exchange or ensure that the purchaser cannot simply change their mind, removing the hassle of having to put the property on the market again.

If possible, it is always best have a solicitor check the contract for sale and section 66W certificate prior to you signing the contract.

We specialise in property transactions and are experienced enough to be able to advise you of the obligations the contract imposes on you as a purchaser, as well as your rights such as your cooling off rights.

Why Navado?
  • We have been operating since 2001
  • Fixed Fees - $ 590 plus disbursements
  • We have a 'can do culture' - we deliver
  • We promptly return phone calls and emails
  • We have regular repeat business
  • Our staff attend Sydney settlemements
  • Our staff are humble and hard working
  • Senior staff hold Honours Law degrees
  • Senior staff personally oversee your file
  • We have state of the art technology
Speak to an expert now...

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

Can I use the equity in my home to buy property ?

Is it better to buy a commercial or residential investment property?

What are strata levies?

What do I own if I buy a strata title property?

What is a strata scheme?

What is the cooling off period and what are my rights?

What is the cooling off period?

What is the margin scheme ?

What should I know when buying a strata property?

When should I contact a solicitor regarding my purchase?

Who attends settlement if I purchase a property?

Why a Lawyer instead of a Conveyancer (Purchase)?

Will I pay less land tax if I buy a strata property ?

Affordable ways to renovate my property and increase its sale value ?

Can I manage my property long distance ?

Do I sign on the dotted line?

How can I legally reduce my land tax liability ?

How do I choose a property conveyancer?

I own a pet dog and want to purchase a home unit. I don’t want to give up my dog, are pets allowed in home unit buildings?

What do I need to know about buying strata scheme property?

What is a cooling off period?

What will it cost me to buy a property?

When should I contact a Lawyer?

If you are buying or selling a property and require Conveyancing services, you should make an appointment to see one of our Conveyancing Lawyers in one of the following locations:

  • Sydney
  • Parramatta
  • North Sydney
  • Hurstville
  • Liverpool
  • Gordon
  • Baulkham Hills
  • Campbelltown
  • Bondi Junction

Our Locations

  • Conveyancing Lawyer Sydney
  • Conveyancer Sydney
  • Conveyancing Solicitor Sydney
  • Property Lawyer Sydney
  • Property Solicitor Sydney
  • Conveyancing Lawyer Parramatta
  • Conveyancer Parramatta
  • Conveyancing Solicitor Parramatta
  • Property Lawyer Parramatta
  • Property Solicitor Parramatta
  • Conveyancing Lawyer North Sydney
  • Conveyancer North Sydney
  • Conveyancing Solicitor North Sydney
  • Property Lawyer North Sydney
  • Property Solicitor North Sydney
  • Conveyancing Lawyer Hurstville
  • Conveyancer Hurstville
  • Conveyancing Solicitor Hurstville
  • Property Lawyer Hurstville
  • Property Solicitor Hurstville
  • Conveyancing Lawyer Liverpool
  • Conveyancer Liverpool
  • Conveyancing Solicitor Liverpool
  • Property Lawyer Liverpool
  • Property Solicitor Liverpool
  • Conveyancing Lawyer Gordon
  • Conveyancer Gordon
  • Conveyancing Solicitor Gordon
  • Property Lawyer Gordon
  • Property Solicitor Gordon
  • Conveyancing Lawyer Baulkham Hills
  • Conveyancer Baulkham Hills
  • Conveyancing Solicitor Baulkham Hills
  • Property Lawyer Baulkham Hills
  • Property Solicitor Baulkham Hills
  • Conveyancing Lawyer Campbelltown
  • Conveyancer Campbelltown
  • Conveyancing Solicitor Campbelltown
  • Property Lawyer Campbelltown
  • Property Solicitor Campbelltown
  • Conveyancing Lawyer Bondi Junction
  • Conveyancer Bondi Junction
  • Conveyancing Solicitor Bondi Junction
  • Property Lawyer Bondi Junction
  • Property Solicitor Bondi Junction

QUICK ENQUIRY







Stay Connected

Subscribe to our Newsletter

Your Email Address *