Under NSW Sale of Land legislation, what is the minimum cooling-off period for residential property purchases?
Correct Answer
B) 5 business days
Under the Conveyancing Act 1919 (NSW), purchasers of residential property have a minimum cooling-off period of 5 business days from the date of exchange of contracts. This allows buyers to withdraw from the contract, though a penalty of 0.25% of the purchase price applies.
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