Under what circumstances can a buyer waive their cooling-off rights in NSW?
Correct Answer
A) After legal advice, by giving a section 66W waiver certificate
A NSW purchaser can give up the cooling-off period only if their own solicitor or licensed conveyancer, who must not be acting for the vendor, gives a certificate under section 66W of the Conveyancing Act 1919 confirming they have explained the effect of waiving it. The certificate is given before the contract is made.
Why This Is the Correct Answer
Section 66W of the Conveyancing Act 1919 lets a purchaser waive cooling-off only through a certificate from their own solicitor or licensed conveyancer, independent of the vendor, confirming they explained what giving up the right means.
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- → A NSW selling agent arranges the exchange of contracts between buyer and vendor at the agency office. After exchange, what must the agent do with the signed contract?
- → A house is passed in at a Saturday auction in NSW. Negotiations with the highest bidder continue, and contracts are exchanged on the following Monday without any cooling-off waiver. Does the buyer have a cooling-off period?
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- → A freestanding NSW house with a swimming pool is about to be listed. The pool is registered, but an inspector found the barrier non-compliant. Which document can be attached to the contract to meet the pool requirement?
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- → A contract of sale in Queensland contains a clause stating 'time is of the essence' regarding the settlement date. The purchaser is ready to settle but the vendor cannot provide vacant possession until three days after the contractual settlement date due to tenant issues. What is the most likely legal consequence?
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