The introduction of the Conveyancing (Sale of Land) Amendment Regulation 2019 will affect the cooling off notice period for off the plan residential contracts. From December 1st 2019, the new cooling off notice will be for a period of 10 days. This has been extended from the ‘old’ notice period of 5 days. The transitional arrangement for cooling off notices include:
- A six month transitional period so that residential contracts that are not off the plan, need to contain the new cooling off notice from 2 June 2020.
- Residential off the plan contracts exchanged after the publication of the amendment (now) but prior to the implementation of the amendment (1st December 2019) are able to contain either the ‘new’ 10 day notice period or the ‘old’ 5 day notice period.