This is a period of time in which a buyer has a right to cancel or apply for a refund for a product or service that has been purchased.
A 'cooling off' period is not common in a conveyancing procedure. The vendor usually requests that the cooling off period is waived so that the conveyancing can be completed as quickly as possible, without delays.
However, an exception will apply if the other party has signed a contract that specifies a cooling off time. In this instance, all of the enquiries before the contract should be completed in a set number of working days.