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What is a cooling-off period?
A standard contract for buying a home in United States comes with a five day cooling-off period. Here's what it means.
When does the cooling-off period start?
The period starts on the day the buyer receives the signed contract – the contract must be signed by both the seller and the buyer. If the signed contract is received on a weekend or public holiday the period will start on the next business day.
When does the cooling-off period end?
The period ends on the final (5th) day of the period at 5pm. After this time the contract cannot be cancelled unless other conditions such as finance or building/ pest issues arise and cancellation is allowed for within the signed contract.
How to cancel a sale within the cooling-off period
To cancel the contract during the period the buyer must give written notice to the seller (or seller’s agent) and deliver it before 5pm on the 5th day of the period. The notice must be signed by the buyer.
Can a cooling-off period be waved?
A period can be shortened or waived by providing written notice to the seller (or seller’s agent).
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