Cooling-Off Period

A short window after signing a private-treaty contract during which the buyer can withdraw with a small penalty.

A cooling-off period is a buyer-protection window that runs from signing the contract. Length varies by state: NSW 5 business days, VIC 3 business days, QLD 5 business days, SA 2 business days, WA generally none, TAS generally none, ACT 5 business days, NT 4 business days. Auctions and contracts signed at auction (or shortly after) usually have no cooling-off. Withdrawing during cooling-off forfeits a small penalty (e.g. 0.25% in NSW) but returns the bulk of the deposit.