What is a cooling off period?

A cooling off period gives a buyer the chance to consider whether they really want to enter the contract once the emotion of making an offer has subsided (it also gives them the chance to carry out any building and pest inspections before the contract is final). Potential buyers will usually only forfeit 0.25 per cent of the purchase price if they pull out during the cooling off period. You can ask the buyer to waive the cooling off period, especially if they have a solicitor acting for them and have done their searches and inspections.