A contract review is a solicitor's check of the contract for sale before you exchange or bid. We read the special conditions, the title and plan, the section 10.7 planning certificate and any strata or pool documents, then explain in plain English what they mean for you, what is missing and what to ask the seller to change. At auction there is no cooling-off, so the review has to happen before you bid.
It covers the printed contract, the special conditions and every attached document, including the title search, registered plan, drainage diagram and planning certificate.
We point out clauses that shift risk to you, such as early release of the deposit, limits on your right to make requisitions or extra interest for late completion, and recommend the changes to request before exchange.
Yes, for an existing residential property bought by private treaty: 5 business days, ending at 5pm on the fifth business day after exchange.
If you rescind in that time you forfeit 0.25% of the price. There is no cooling-off at auction, or for a contract exchanged on auction day after the property is passed in. The period can be shortened or waived only if your solicitor or licensed conveyancer gives the vendor a section 66W certificate, and the vendor can extend it in writing before it ends. Off-the-plan contracts have 10 business days.
As soon as you are seriously interested in the property, and before you sign anything, make an offer or register to bid.
An early review leaves time to order reports, ask the agent questions and negotiate changes while the seller is still deciding between buyers.
The cost depends on the property type and how long and complex the contract is, so we quote in writing after seeing it.
If you go ahead with the purchase, the review is quoted as the first stage of the conveyancing, and any searches we order for you are itemised as disbursements.
| Scenario | Best option | Typical timing | Next step |
|---|---|---|---|
| Private treaty purchase of an existing home | Contract review before exchange, with changes negotiated | Cooling-off ends at 5pm on the fifth business day after exchange | Send the contract before you sign or pay a deposit |
| Bidding at auction | Review of the contract and any proposed changes before auction day | No cooling-off once you are the successful bidder | Send the contract as soon as you decide to bid |
| The agent asks for a section 66W certificate | Advice on whether waiving cooling-off is right for you | Only after your finance, inspections and review are complete | Ask us before you agree to an exchange without cooling-off |
Published by Baulkham Hills Conveyancing, a licensed NSW solicitor practice. Last updated 4 October 2026. General information only; contact us for advice about your matter.
The Law Society and REINSW released a 2026 edition of the standard contract containing the revised cooling-off notice. The new notice must be included in residential contracts and options exchanged on or after 1 June 2026, so we check which edition and which notice your contract uses.
Sources: Conveyancing (Sale of Land) Regulation 2022; Loose-fill asbestos insulation laws; Contract for the sale and purchase of land 2026: summary of changes; Guidance for practitioners
A section 66W certificate waives or shortens the cooling-off period. Only a solicitor or licensed conveyancer acting for the buyer (never the vendor's solicitor or anyone in that solicitor's firm) can give it, and only after explaining the effect of the contract, the nature of the certificate and the effect of giving it to the vendor. Agents often ask for one to make an exchange unconditional, so the real question is whether your finance, inspections and contract questions have already been resolved.
At an auction, the successful bidder signs the contract and there is no cooling-off period. There is also none when contracts are exchanged on auction day after the property is passed in. To bid you must register with the selling agent and show identification, and any changes to the contract need to be agreed with the seller before the auction.
Sources: Contracts and deposits when buying property in NSW; Buying property at an auction; Conveyancing Act 1919 (NSW), section 66W: Certificates; Conveyancing Act 1919 (NSW), section 66T: No cooling off period in certain cases
Building, pest and strata inspection reports are not compulsory in NSW, but NSW Government guidance recommends them. When you ask for the contract, the agent must tell you about any pre-purchase inspection reports it knows of, including who prepared them and whether you can buy a copy. A copy may cost less than a new report, but a report prepared for someone else may not cover what matters to you.
If a prescribed document was not attached, the buyer can rescind by written notice up to 14 days after the contract is made, unless the contract has been completed. We flag missing documents during the review so they can be obtained before exchange instead of relied on afterwards.
Sources: Pre-purchase inspection reports when buying a home; Pre-purchase inspection reports: requirements for property agents; Conveyancing (Sale of Land) Regulation 2022
For a residential purchase with a cooling-off period, you can rescind before it ends by written notice, forfeiting 0.25% of the price. There is none if you bought at auction or exchanged on auction day after a pass-in, and a section 66W certificate given by your solicitor or licensed conveyancer can waive or shorten it. Once cooling-off has ended, or if it never applied, you are generally bound unless the contract or the law gives you a right to rescind, for example when a prescribed document was not attached.
A 10% deposit is usual, but a lower amount, such as 5%, can be agreed. Where cooling-off applies and the seller agrees, a buyer can pay 0.25% on exchange and the balance before the cooling-off period ends. The stakeholder holds the deposit in a trust or controlled money account.
Yes. The contract can provide a longer period, or the seller can extend it in writing before the cooling-off period ends, so ask early. Shortening or waiving it is different: that requires a section 66W certificate from the buyer's own solicitor or licensed conveyancer.
Yes. We put the changes you want to the seller's solicitor or conveyancer, explain their response, and record any agreed changes in the contract before exchange. Whether the seller accepts them is the seller's decision.
Yes. NSW contracts for sale follow the same legislation across the State, and we can review the documents by email and discuss them with you by phone, wherever the property is in New South Wales.
Ready to start? Send us the contract or property details: call (02) 9000 1408, email info@baulkhamhillsconveyancing.com.au or request a quote online.