New South Wales Consolidated Acts
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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 59
Cooling-off period for residential or rural agency agreements
59 Cooling-off period for residential or rural agency agreements
(1) There is to be a cooling-off period for every agency agreement in respect
of the sale of residential property or rural land.
(2) The cooling-off period
commences when the agency agreement is signed and ends at 5 pm on the next day
that is a business day or a Saturday.
(3) An agency agreement is
"signed" when it is signed by or on behalf of the person (
"the client" ) for whom services are to be performed under the agreement. If
there is more than one client, the agreement is signed when the last client to
sign signs the agreement.
(4) The cooling-off period may be extended by a
provision of the agency agreement, or by the agent in writing before the end
of the cooling-off period.
(5) There is no cooling-off period if-- (a) at
least 1 business day before the client signs the agency agreement the agent
provides the client with a copy of the proposed agency agreement together with
(in the case of an agreement that relates to residential land) a copy of a
consumer guide approved by the Secretary from time to time for the purposes of
this section, and
(b) before the client signs the agency agreement the client
signs a form of waiver of cooling-off period in a form approved by the
Secretary by order published in the Gazette.
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