If you find that there’s not enough time to do all of your due diligence within the cooling off period, your lawyer or conveyancer can request an extension. If the vendor refuses to extend and your risks are high, you should exercise your cooling off period and get out of the contract. Your lawyer/conveyancer is the best person to advise you on both counts.

Generally, while most people assume you can check out all of these things (strata, building & pest inspection, contract review, neighbourhood DA checks, etc) during the cooling off period, there can be some things than cannot be renegotiated and also usually there are penalties* for rescinding the contract.

Sales agents will encourage buyers to sign a contract with a cooling off period, but it’s important to know that a cooling off period doesn’t always offer a risk-free way to get a property off the market. That’s why it’s always best to engage an experienced property lawyer (or conveyancer) and get their advice on the contract and offer conditions BEFORE signing anything.

*Please note that the rules on cooling off periods (like everything to do with buying property) differ from state to state.


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