Cooling-off period for residential properties

A cooling-off period of 5 days applies to contracts for residential property. The buyer is free to change their mind during this time. This does not apply if you sell at auction.

When it starts

The cooling-off period starts the day you hand the buyer a copy of the signed contract (signed by both parties).

Please note:

• If you give it on a weekend or a public holiday, the cooling-off period starts on the next business day.
• The cooling-off period still begins if a representative takes it on the buyer’s behalf.
• If there’s a dispute, you will need to provide evidence of when you gave them the contract.

When it ends

The cooling-off period ends at 5pm on the final (5th) day of the cooling-off period.

Cancelling a sale

To cancel the sale, the buyer must give you (or your agent) written notice by 5pm on the 5th day. They can deliver it in person, by email or fax.

If they cancel, you may deduct a penalty of up to 0.25% of the purchase price from their deposit. You will need to refund the rest of the deposit within 14 days.