What is the cooling off period when buying a house? - Domain

If you’re buying a home, you may be wondering whether you can change your mind at any point in the process.
Luckily, most of the time there is a cooling off period.
This is the time period after the sale when you can decide to back out of a property purchase.
The length of the cooling off period varies between two and five business days, depending on your state.
If you decide not to go through with a purchase, you may need to pay a termination fee. It varies between states, but in most cases, the fee is 0.25 per cent of the value of the property. So for a $500,000 house, it can cost you up to $1250.
You can use the cooling off period to conduct any final checks of the property, including a building and pest inspection, a valuation, or any legal enquiries by your conveyancer or solicitor.
But it’s best to have these checks done beforehand so you have as much information as possible before making an offer.
Remember, not all properties have a cooling off period.
If you’re buying a home at auction, the sale is final. And if you’ve made an offer prior to auction, you may be required to waive your rights to a cooling off period.
And if you’re buying a property in Tasmania, there are no cooling off at all.

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