What is a Section 66W certificate and why is my conveyancer required to provide one

Normally you have a 5 (working) day cooling off period in which time to rethink the purchase, confirm finances, wait for a property or pest report to come in etc. If within that cooling off period you change your mind about the property, you can walk away from the contract with minimum penalty.

If the property is sold at auction or if the owner of the property does not agree to a cooling off period, your conveyancer or solicitor will be asked to provide the section 66W certificate OK immediately on exchange of contracts which means that this cooling-off period is waived making the contract binding immediately. Normally you will not be committed to walk away or back out of the contract without incurring considerable penalty, however the circumstances will always very on a case by case basis.

Can the cooling off period be shortened or extended: Yes, by agreement.

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