What to do during the cooling off period?

The cooling off period is generally used by the buyers to confirm that they really do want to proceed with the purchase. During this period, the buyer can serve notice on the seller that they no longer want to buy and can end the contract. The buyer does not need to provide any reason to the seller to exercise this right. Hence, this is truly the “get out of jail card” for the buyers who has this right, although it isn’t “free” because there is a penalty charge for exercising it.

If you are not going to simply change your mind during the cooling off period, then you should at least use the time allowed to do some basic research into the property to make sure that you are certain about buying the property. You can use it to do anything, from instructing your conveyancing lawyer to conduct some initial searches, to obtaining finance, to ordering a building and pest inspection of the property.

If you do not want to even risk the penalty charge, then you should take the opportunity to speak with your conveyancing lawyer before you sign the contract.