NSW Conveyancing (Sale of Land) Regulation 2022
Conveyancing Act Part 4 Division 8 and Regulation Part 3: Cooling off period for residential property – NSW Conveyancing (Sale of Land) Regulation 2022

NSW Conveyancing (Sale of Land) Regulation 2022 Act-66U: Cooling off rescission: notice, forfeiture of 0.25 per cent and refund of the balance

What does Act-66U require?

During the cooling off period the purchaser may rescind by a written notice signed by each purchaser or their solicitor and served on the vendor or the vendor's solicitor or agent; the contract is then rescinded from the beginning, the purchaser forfeits 0.25 per cent of the purchase price, recoverable from the deposit (and as a debt if the deposit is insufficient), and the vendor must refund the balance of the deposit and any other money paid (sections 66U, 66V). The period may be extended by the contract or by the vendor in writing before it ends and may be shortened or waived only by a section 66W certificate (section 66S).

Maintained by Gerard Blokdyk

Other controls in Conveyancing Act Part 4 Division 8 and Regulation Part 3: Cooling off period for residential property – NSW Conveyancing (Sale of Land) Regulation 2022

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