In New South Wales (NSW), a 66W certificate refers to a document that a buyer can use to waive the cooling-off period that typically applies to property purchases.
Under NSW law, when buying property, a buyer has a cooling-off period of 5 business days during which they can change their mind and cancel the purchase, this is typically offered with a non-refundable 0.25% deposit payment. However, if a buyer wants to waive this cooling-off period, they can do so by obtaining a 66W certificate.
During an Auction campaign, which is the preferred method across Sydney and especially in our key areas of the Lower North Shore and the Northern Beaches, a 66w certificate forms part of the contract of sale. To obtain a 66W certificate, the buyer must engage a solicitor or conveyancer who will provide legal advice and prepare the certificate. Once the certificate is signed, it indicates that the buyer has received legal advice and understands the implications of waiving their cooling-off rights.
It’s important to note that waiving the cooling-off period can be risky for buyers, as it means they lose the opportunity to conduct further inspections, obtain additional legal or financial advice, and may potentially face difficulties in rescinding the purchase if problems arise after the sale. It is highly recommended that buyers seek legal advice before signing a 66W certificate.
Director Marcus Gould of Sp. Property buyers, the most in demand Buyers Agency on the Lower north Shore says, “As highly experienced buyers agents, we use 66w certificates all the time. We conduct all of our due diligence upfront and time our offers to maximise our chances of securing properties for our clients. Due to the way Real Estate Agents work throughout a week, there are better days of the week, and better times of the day to make a successful unconditional offer”.
If you would like to speak with Sp. Property Buyers, call today for a complimentary and confidential discussion.