66SCooling off period

66S Cooling off period

66S Cooling off period

(1) Subject to section 66T, there is to be a cooling off period for every contract for the sale of residential property, during which the purchaser may exercise rights under section 66U.

(2) The cooling off period commences when the contract is made.

(3) The cooling off period ends at 5 pm—

(a) on the tenth business day after the day on which an off the plan contract was made, or

(b) in any other case—on the fifth business day after the day on which the contract was made.

(4) The cooling off period may be extended by a provision in the contract, or by the vendor in writing before the end of the cooling off period.

(5) The cooling off period may be shortened by a provision in the contract, or by a separate written or oral agreement of the parties, but the provision or agreement does not take effect unless and until the purchaser gives to the vendor (or the vendor’s solicitor or agent) a certificate that complies with section 66W.

(6) The extension or shortening of the cooling off period may be effected under subsection (4) or (5) before, at or after the time the contract is made.

(7) The regulations may prescribe the maximum length of time by which the cooling off period for an off the plan contract may be shortened under subsection (5).

s 66S: Ins 1987 No 192, sec 3. Subst 1990 No 21, Sch 1 (3). Am 2018 No 75, Sch 1[10] [11].