NSW Property Cooling-Off Period — 5 Days, 0.25% and the 66W Certificate

What happens after exchange?

For most residential property bought by private treaty in NSW, the buyer has a 5-business-day cooling-off period after contracts are exchanged.

If the buyer rescinds during that period, NSW Government guidance says the buyer forfeits 0.25% of the purchase price to the vendor.

Important exceptions

There is no cooling-off period when a property is bought at auction or when contracts are exchanged on the same day as the auction after it has been passed in.

A buyer can also waive the cooling-off period using a 66W certificate. Get legal advice before agreeing to waive it.

Off-the-plan residential contracts generally have a longer 10-business-day cooling-off period.

Use the time properly

The cooling-off period is not a substitute for preparation. Contract review, finance and inspections should start as early as possible.

Australia Buyer Roadmap: https://www.eltnetwork.com/post/buy-property-australia-2026-buyer-roadmap

Message BUY with your buyer status + budget + area + timeframe if you need a practical step-by-step plan.

Thao Pham | Sydney | 0452 526 888 | info@eltnetwork.com | Class 1 Licensed Real Estate Agent — Licence No. 20375265

General information only; obtain legal advice about your specific contract.

Source

NSW Government — Contracts and deposits when buying property in NSW.