What is a cooling off period?

What does Cooling Off mean?

The cooling off is a period of time that a purchaser is granted automatically on residential property sales when a purchaser exchanges contracts with a vendor. An initial deposit of 0.25% is paid at the time of exchange. The cooling off period ends at 5 pm on the fifth business day after the day on which the contract was exchanged.

If the purchaser decides to rescind in the cooling off period, the purchaser will forfeit 0.25% of the purchase price to the vendor.

What’s the point of a cooling off period?

The cooling off period secures the property for the purchaser while the purchaser obtains their loan approval and undertakes any property inspections (Pest & Building or a Strata Report). The vendor cannot accept any other offers in this period. If the purchaser decides to proceed with the purchase, they pay the balance of the deposit (usually a 10% deposit) the Contract becomes unconditionally binding on both parties.

If the purchaser decides not to proceed, they must inform their conveyancer or solicitor before this period expires. The purchaser’s conveyancer will then provide the vendor’s conveyancer with the appropriate notice. The purchaser the forfeits 0.25% to the vendor.

Can you sell a residential property without a cooling off?

Yes, this is quote common. The vendor, or their real estate agent, may request a s66w Certificate from the purchaser’s licensed conveyancer or solicitor. This certificate removes negates the cooling off period and contracts exchanged with this certificate will be immediately unconditionally binding on both the Vendor and the Purchaser

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John C

My first purchase of real estate where a body corporate was involved was handled by Bryn. Nothing was too much trouble and through to completion was a breeze.

I felt the fee charged was very reasonable and will certainly use Bryn in future dealings

Keith M

I have used Bryn for multiple purchases and sales over the years and each time we leave with no doubt in our decision to let him handle all our conveyancing needs. Through a process that is complicated, confusing and stressful, Bryn makes things simple, always there to explain and assist with the entire process. At the same time however his attention to detail is second to none. He has saved us from some bad decisions and guided us through good ones, I simply wouldn’t use or trust another conveyancer like we do with Bryn. Thanks once again for all your help, you helped us through thick and thin to secure our dream home.

Anthony A

My wife and I have used Bryn for conveyancing on two of our property purchases. We found him to be efficient, thorough and knowledgable.

We highly recommend Bryn for all conveyancing matters and will use him again for our next purchase.

Lynsey B

My experience with Bryn from Beaches Conveyancing has been very positive.

Bryn is responsive, efficient and he is a pleasure to deal with – he made the purchasing process effortless.

I wouldn’t hesitate in recommending Beaches Conveyancing and would be delighted to work with them again

Barbara R

I recently engaged the services of Beaches Conveyancing to assist with the transfer of multiple property settlements. Beaches Conveyancing acted for both parties in this matter and provided  professional expertise along with a personal approach. A clear and comprehensive overview of the process together with realistic timeframes and regular updates kept both parties informed. Beaches Conveyancing catered for both electronic and hard copy documentation, according to the needs of the respective parties. I thank Beaches Conveyancing wholeheartedly for their assistance and support.

Lynda K
I recently arranged the sale of my apartment and was recommended the conveyancing services of Bryn Humphreys at Beaches Conveyancing.
I found Bryn to be very personable and timely in his return phone calls and emails to me.
I was invited to send any questions to him which I did, and I found Bryn to be informed with his advice and pleasant to deal with as well. Bryn advised me of the best way forward when unexpected delays were experienced during the sale process.
I would recommend Beaches Conveyancing and Bryn Humphreys if you are buying or selling property.
Your location is not that important to having Bryn complete the conveyancing process, as so much is now done online.

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