New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 59

59 Cooling-off period for residential or rural agency agreements

(1) There is to be a cooling-off period for every agency agreement in respect of the sale of residential property or rural land.

(2) The cooling-off period commences when the agency agreement is signed and ends at 5 pm on the next day that is a business day or a Saturday.

(3) An agency agreement is "signed" when it is signed by or on behalf of the person ( "the client") for whom services are to be performed under the agreement. If there is more than one client, the agreement is signed when the last client to sign signs the agreement.

(4) The cooling-off period may be extended by a provision of the agency agreement, or by the agent in writing before the end of the cooling-off period.

(5) There is no cooling-off period if:

(a) at least 1 business day before the client signs the agency agreement the agent provides the client with a copy of the proposed agency agreement together with (in the case of an agreement that relates to residential land) a copy of a consumer guide approved by the Director-General from time to time for the purposes of this section, and

(b) before the client signs the agency agreement the client signs a form of waiver of cooling-off period in a form approved by the Director-General by order published in the Gazette.