Can an offer be withdrawn in the 5 day cooling off period?


An offer has been accepted on the property, how long until it is sold?


What is the cooling off period when buying property?

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Once an offer has been accepted, contracts are signed and exchanged, the purchaser has a 5 day cooling off period to withdraw from the sale.

This period commences on the day of exchange and expires at 5:00pm on the fifth working day following. If the purchaser withdraws from the sale during the 5 day cooling off period they still need to pay 0.25% of the purchase price to the vendor.

There is no cooling off period if:

  • You purchase at auction or sign contracts on auction day
  • The sale contract has a 66w certificate