In New South Wales the vendor’s disclosure is built into the contract itself, and the cooling-off rules run from exchange rather than from signing. Asset Conveyancing acts on NSW purchases and sales from our Adelaide head office, with a virtual office in New South Wales and electronic settlement through PEXA.
What is in a NSW contract for sale?
Most NSW sales use the standard Contract for the Sale and Purchase of Land published by the Law Society of NSW and the Real Estate Institute of NSW. The vendor must attach prescribed documents set out in the Conveyancing (Sale of Land) Regulation 2022.
For a typical house or unit, the required attachments include:
- a planning certificate from the council (the section 10.7 certificate)
- sewerage diagrams from the water authority, where available
- a title search and the registered plan
- registered documents creating easements, restrictions on use and positive covenants
- for strata lots, the strata plan and by-laws, plus the relevant scheme documents for community title
- a swimming pool compliance, occupation or non-compliance certificate where the property has a pool (with exceptions for larger strata schemes and off the plan contracts)
The contract also carries vendor warranties about adverse affectations such as road proposals and heritage listings. If a prescribed document is missing, the buyer can generally rescind within 14 days after exchange, provided the sale has not settled.
How does the NSW cooling-off period work?
For residential property the cooling-off period is five business days. It starts when contracts are exchanged and ends at 5pm on the fifth business day. For off the plan residential contracts the period is ten business days.
- What it costs. A buyer who rescinds must pay the vendor 0.25% of the purchase price, usually taken from the deposit.
- Auctions. There is no cooling-off at auction, or for a contract exchanged on the same day as an auction where the property was passed in.
- Changing the period. The parties can agree in writing to shorten or extend it.
What is a section 66W certificate?
A section 66W certificate waives the buyer’s cooling-off period. It is given under section 66W of the Conveyancing Act 1919 by the buyer’s own solicitor or licensed conveyancer, who must explain the effect of the contract and the waiver before signing it.
A 66W makes the contract binding on exchange. Vendors often ask for one in competitive sales. Before you agree, have finance approved, inspections done and every attachment reviewed, because there is no way out afterwards except under the contract terms.
Who collects duty and registers title in NSW?
Transfer duty is assessed by Revenue NSW, which also administers first home buyer concessions, land tax and surcharge purchaser duty for foreign buyers. These change, so check current figures with Revenue NSW. Title is registered through NSW Land Registry Services, and NSW settlements are now electronic.
How Asset Conveyancing handles NSW matters from Adelaide
We run NSW matters electronically, from contract review to PEXA settlement, with one qualified professional managing your file throughout. Our principal, Paul Sande, holds conveyancer licences in numerous states and has worked in property for more than 40 years.
- Check the contract before exchange. We review the attachments, special conditions and title, and raise anything that needs negotiating.
- Manage exchange and cooling-off. We advise on the deposit, any 66W request and the 5pm deadline on the fifth business day.
- Prepare for completion. We order searches, calculate rates, water and land tax adjustments and coordinate with your lender.
- Settle through PEXA. The transfer is lodged with NSW Land Registry Services at settlement.
For sellers, we prepare the contract and its prescribed attachments so the property can be marketed without delay. Read more about selling property, off the plan contracts and cooling-off periods, or compare the rules in Queensland.
Common questions about conveyancing in New South Wales
How long is the cooling-off period in NSW?
Five business days for residential property, starting at exchange and ending at 5pm on the fifth business day. Off the plan residential contracts have ten business days. The period can be shortened or extended by written agreement, or waived with a section 66W certificate. There is no cooling-off at auction.
What does it cost to cool off in NSW?
You must pay the vendor 0.25% of the purchase price. On a $1,000,000 purchase that is $2,500, which usually comes out of the deposit you paid on exchange. You must serve written notice of rescission before 5pm on the fifth business day, so do not leave it to the last afternoon.
Who can sign a 66W certificate?
Your own solicitor or licensed conveyancer, not anyone acting for the vendor. They must explain the nature and effect of the contract and the consequences of giving up cooling-off before they sign. Once the certificate is given, the contract is binding on exchange and you cannot rescind under the cooling-off rules.
What if documents are missing from the NSW contract?
If a prescribed document is not attached, the buyer can generally rescind the contract within 14 days after exchange, as long as the sale has not completed. Missing planning certificates, sewerage diagrams or title documents are the usual problems. We check the attachments against the Regulation before you exchange so the issue is dealt with early.