New South Wales Consolidated Acts
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CONVEYANCING ACT 1919 - SECT 66ZB
Cooling off period
66ZB Cooling off period
(1) Subject to section 66ZC, there is to be a cooling off period for every
option to purchase residential property, during which the purchaser may
exercise rights under section 66ZD.
(2) The cooling off period commences when
the option is granted.
(3) The cooling off period ends at 5 pm on the fifth
business day after the day on which the option was granted.
(4) The cooling
off period may be extended by a provision in the option, 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 option, 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 66ZF.
(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 option is granted.
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