Normally in New South Wales purchasers of residential properties are entitled to a cooling off period after exchange equal to 5 working days. However, there is no cooling off for purchases at public auctions or purchases through the exercise of an option or purchases of commercial property or where Purchaser’s Rep provides a Section 66W Certificate. For auction purchases there is still no cooling off even if the property is purchased before or after the auction AND on the day of the auction. Normally in New South Wales a purchaser must forfeit 0.25% of the purchase price if they exercise their cooling off right.