Section 66ZB — Conveyancing Act 1919 (NSW)

(1) Subject to section 66ZC, there is to be a cooling off period for every option, during which the purchaser may exercise rights under section 66ZD.
(2) The cooling off period commences when the option is granted.
(3) The cooling off period ends at 5 pm on the fifth business day after the day on which the option was granted.
(4) The cooling off period may be extended by a provision in the option, or by the vendor in writing before the end of the cooling off period.
(5) The cooling off period may be shortened by a provision in the option, or by a separate written or oral agreement of the parties, but the provision or agreement does not take effect unless and until the purchaser gives to the vendor (or the vendor’s solicitor or agent) a certificate that complies with section 66ZF.
(6) The extension or shortening of the cooling off period may be effected under subsection (4) or (5) before, at or after the time the option is granted.

Related sections

• s 66Y — Operation of Division 8
• s 66Z — Definitions
• s 66ZA — Option to contain certain terms, conditions and warranties
• s 66ZC — No cooling off period in certain cases
• s 66ZD — Cooling off rights
• s 66ZE — Consequences of rescission

Research how courts apply s 66ZB

BriefBridge searches NSW and High Court caselaw by meaning — every answer cited to the paragraph.