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For those unfamiliar with the concept, a cooling off period is a time frame during which a buyer or seller has the right to cancel an agreement without penalty. In the context of real estate, a cooling off period can apply to agency agreements, which are contracts between a property owner and a real estate agent or agency.

In New South Wales, agency agreements are subject to a five-day cooling off period. This means that if a property owner signs an agency agreement and then changes their mind, they have five business days to cancel the agreement without penalty. It`s worth noting that the cooling off period begins on the date the owner receives a copy of the signed agreement, not the date it was signed.

There are a few important things to keep in mind if you`re considering cancelling an agency agreement during the cooling off period. First and foremost, you need to do so in writing. A verbal cancellation is not sufficient; you must provide written notice to the agent or agency.

Additionally, if you cancel the agreement during the cooling off period, you may be required to pay the agent or agency for any services they provided up to that point. This could include things like advertising, marketing, or conducting inspections. These costs will be outlined in the agency agreement, so it`s important to review it carefully before signing.

Finally, it`s important to remember that the cooling off period only applies to agency agreements. If you`re buying or selling a property, you may have other cooling off periods or contractual obligations to consider.

In conclusion, the agency agreement cooling off period in NSW is an important protection for property owners. By providing a window of time during which owners can cancel an agreement without penalty, it helps ensure that they have time to review the agreement and make an informed decision. However, it`s important to remember that cancelling an agreement during the cooling off period may come with costs, so it`s important to review the agreement carefully and seek professional advice if needed.