Exchanging contracts legally completes the property saleprocess. It means the seller has acceptedthe buyer'soffer on the home and both have signed the contract of sale.
At the time of the exchange you will be required to pay thedeposit for the home you are buying.
Cooling-off period
Private treaty sales in NSW have a 5 business day cooling-off period after contracts are exchanged.
The cooling-off period starts as soon as you exchange contracts and ends at 5pm on the 5thbusiness day after exchange.
During the cooling-off period, buyers can withdraw from the sale as long as you give written notice.Usually there are financial penalties if you do this and it's worked out as a percentage of the sale price.
There is no cooling-off period for homes bought at auction.The contract of sale must be finalised after the auction is completed. It is recommended you consult a solicitor or conveyancer before you attend an auction.
