I am in a hurry to purchase a property and I don’t want a cooling off period. Can I waive my right? How can I do this?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- Under section 66S of the Conveyancing Act 1919 (NSW) a purchaser can choose to waive their right to a cooling off period by authorising a section 66W certificate.
- The section 66W certificate must:
- be in writing;
- be signed by the purchaser’s lawyer or barrister;
- indicate the reason why the certificate is being given; and
- state that the lawyer or barrister has explained the effect of the contract to you as well as the nature of the certificate and what happens when you give the certificate to the vendor.
- You should always discuss the implications of a section 66W certificate with your lawyer and clarify any doubts before authorising the certificate.