Published
Since 1 June 2026, every NSW contract for the sale of residential property, and every residential option agreement, must include a revised form of the statutory cooling off notice. The change comes from the Conveyancing and Real Property Amendment Act 2025 (NSW), and the Law Society of NSW and REINSW have released a 2026 edition of the standard contract to match.
What changed
The Amendment Act became law on 15 August 2025. Its main purpose was to clear up uncertainty about put options, after a 2021 Supreme Court decision unexpectedly gave buyers a cooling off right when a seller exercised a put option.
The law now makes clear that:
- Cooling off rights apply when you enter into a residential option agreement
- There is no cooling off period on the contract that results when an option is exercised, whether it is a call option or a put option
Because the definition of option changed, the wording of the cooling off notice in every residential contract had to change too. A transitional period allowed the old notice until 31 May 2026.
What it means for you
- Buyers: your cooling off rights on an ordinary purchase are the same: 5 business days, 10 for off the plan, and 0.25% to pull out. See our cooling off guide
- Sellers: check your contract uses the new notice and the current edition. Your conveyancer should handle this
- Option agreements: if you are signing a put and call option with a developer, the rules on cooling off are now clearer. Get the agreement reviewed before you sign
Also update: add one paragraph to the existing cooling off guide noting the revised notice and the 2026 contract edition.
Sources: Law Society of NSW: summary of changes, 2026 contract edition · REINSW: revised cooling off notice from 1 June 2026 · NSW Registrar General
City Peak Conveyancing acts on NSW property only. This page is general information, not advice about your circumstances.