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Navigating the Cooling-Off Period in NSW Property Sales: A Chilled-Out Guide
So, you’ve just signed on the dotted line for your dream home in NSW, and suddenly, you’re feeling a bit like a kangaroo caught in the headlights. Fear not! Welcome to the ‘cooling-off period,’ a nifty little safety net designed to give you a moment to catch your breath, reconsider your decision, or do a celebratory dance without tripping over any legal wires.
In New South Wales, the cooling-off period is like that best mate who says, “Mate, are you sure?” after you’ve made a big decision at the pub. It gives you between five to ten business days after exchanging contracts to change your mind about buying that property.
As Fair Trading NSW puts it, this period is your chance to “carry out any additional inspections, check your finances or simply reassess the purchase” (NSW Fair Trading).
But beware, this cooling-off period comes with a catch – if you decide to back out, you’ll forfeit 0.25% of the purchase price. It’s a bit like ordering a round for the whole bar and then realising you’ve left your wallet at home. Not ideal but could be worse!
However, for those who are as confident in their property purchase as a surfer taking on a 10-foot wave, you can choose to waive this cooling-off period. This is usually done to sweeten the deal for the seller by showing you’re serious, or in a hot market, where you’re more likely to get bitten by a shark than find a good deal. This is also the case when you are at an auction – so buyer beware!
Why choose ALA Law to navigate this breezy period for you? Because we understand the intricacies of NSW property laws like we understand our coffee order. With ALA Law, you’re not just getting guidance; you’re getting a team that knows how to keep things cool, ensuring your property purchase is as smooth as a well-made flat white.
So, let’s dive into this together and make sure your property purchase is as regret-free as choosing the BBQ over the tomato sauce at a sausage sizzle.
And if you want to get serious about understanding cooling off periods we have some heavy reading for you to do:
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