The cooling-off period is a set number of days after the sale of property in which you have the opportunity to cancel the transaction. If you take the option to cancel your legal agreement, you may have to pay the seller a termination fee, but in some circumstances it can be worth paying for. The cooling-off period is not available everywhere or under every circumstance, for instance:

• There is no cooling-off period for properties purchased at auction.

• Tasmania does not recognise cooling-off periods.

• You can elect to waive your right to a cooling-off period.

Below are the state-based rules for a cooling off period, according to domain.com.au/advice. 

• NSW, you have five business days to back out of a contract you have already signed. You will have to pay the seller a termination fee of 0.25 per cent of the purchase price.

• QLD, the rules are the same as in New South Wales: five business days and a 0.25 per cent fee.

• VIC allows a three-business-day cooling-off period and the termination fee is 0.20 per cent.

• NT, the cooling-off period is four working days and no termination fee is required.

• SA, you are only given two business days to back out of a contract and must forfeit a small holding deposit of up to $100.

• ACT, the cooling-off period is five business days and the termination fee is 0.25 per cent of the purchase price.