New South Wales Consolidated Acts
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CONVEYANCING ACT 1919 - SECT 66S
Cooling off period
66S Cooling off period
(1) Subject to section 66T, there is to be a cooling off period for every
contract for the sale of residential property, during which the purchaser may
exercise rights under section 66U.
(2) The cooling off period commences when
the contract is made.
(3) The cooling off period ends at 5 pm--
(a) on the
tenth business day after the day on which an off the plan contract was made,
(b) in any other case--on the fifth business day after the day on which
the contract was made.
(4) The cooling off period may be extended by a
provision in the contract, or by the vendor in writing before the end of the
cooling off period.
(5) The cooling off period may be shortened by a
provision in the contract, or by a separate written or oral agreement of the
parties, but the provision or agreement does not take effect unless and until
the purchaser gives to the vendor (or the vendor's solicitor or agent) a
certificate that complies with section 66W.
(6) The extension or shortening
of the cooling off period may be effected under subsection (4) or (5) before,
at or after the time the contract is made.
(7) The regulations may prescribe
the maximum length of time by which the cooling off period for an
off the plan contract may be shortened under subsection (5).
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