Withdrawing from, or rescinding or terminating a contract under a statutory right given by a relevant Act. In New South Wales, the Conveyancing Act provides for all residential properties to have a cooling off period of 5 business days, unless sold on the day of Auction. Whilst provided for in legislation, a purchaser should check with the Vendor or the Vendors Agent if the property they are interested in comes with a Cooling Off Period.

Last updated on September 21, 2011 by Webmaster