Under NSW law, what is the standard cooling-off period for a residential property purchase?
Correct Answer
B) 5 business days
Under the Conveyancing Act 1919 (NSW), a purchaser of residential property has a cooling-off period of five business days after the contract is made, ending at 5pm on the fifth business day. A purchaser who rescinds forfeits 0.25% of the purchase price. The period does not apply to auction sales and can be waived with a section 66W certificate from the purchaser's solicitor or conveyancer.
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