with Daniel McKinnon WW48104

cooling off period, this is actually two weeks. If there are any public holidays during that period then the cooling off period is extended by the number of public holidays that occur during the period.

At the end of your cooling off period you will be required to make a decision as to whether or not you wish to proceed with the purchase. If you want to proceed you need to pay the balance of the 10 per cent deposit (being 10 per cent of the purchase price less the 0.25 per cent deposit you have already paid) by close of business on the last day of the cooling off period.

At this point you will be locked in to the Contract and you will no longer be able to withdraw.

It is critically important that you complete your due diligence during your cooling off period so that you are fully informed once it comes time to lock you into the deal.

There are three main tasks that need to be completed during your cooling off period:

1. Review of the Sale Contract the negotiation of terms. We take care of this for you and meet with you to discuss the Contract.

2. Completion of a Pest & Building Report and/or Strata Report. We can arrange this for you if you do not have your own inspectors in mind.

3. If you are borrowing money to fund the purchase, obtaining final unconditional loan approval (pre-approval is usually not enough and we can explain this to you in greater detail if you contact us).

The above is not applicable with respect to the purchase of commercial property.

The above is also not applicable with respect to the purchase of property at an auction. At an auction there is no cooling off period and you are locked into the deal immediately if you are the highest bidder.

There is also another way you can purchase residential property in NSW, which is often referred to as a “solicitor exchange” or a “Section 66W exchange”. This involves reviewing the Contract and completing your due diligence before you sign a Contract and pay your deposit. The upside to this kind of exchange is that there is no risk of you losing your 0.25 per cent deposit.