When you buy a property in NSW via private treaty, there is a five business day cooling–off period after you have exchanged contracts. During this period, you may get out of sale as long as you give written notice. The cooling–off period starts as soon as you exchange and ends at 5pm on the fifth business day.
A cooling–off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
Always check with your solicitor or licensed conveyancer that you have a cooling-off period, and have the process explained to you.
To get a building inspection done during the cooling–off period, give the inspector as much notice as possible. They will have to do the inspection, prepare the report and still give you time to decide and potentially withdraw from the contract.
If you withdraw, you forfeit 0.25% of the purchase price.
BRC Property Inspections offer a 48 hour turnaround on building and pest inspections provided we can get access to the property.
