Cooling off periods – What is it? What could go wrong?

The cooling off period is a period of 5 Business Days after you receive a fully executed contract to purchase a property.  During the cooling off period, the purchaser has the option to re-think the purchase and consider their ability to finance the property. If you change your mind within this timeframe, you can elect to terminate the contract at your absolute discretion. While a cooling off period has some obvious benefits, there are some things that purchasers need to be aware of.