A section 66W certificate waives a buyer's 5-day cooling-off period in NSW, and is often requested to secure a fast, unconditional exchange.
If you're buying in a competitive Sydney property market, you may be asked to provide a 66W certificate to have your offer accepted. It's a short document with a significant effect: it removes your ability to walk away.
A signed 66W gives the vendor certainty the sale won't fall through in the cooling-off window, useful when there are competing buyers or the vendor needs a firm date to plan their own move.
Only a solicitor or licensed conveyancer can issue the certificate, confirming they've explained the effect of waiving cooling-off. Once signed and exchanged, you no longer have the option to withdraw for the standard 0.25% penalty, you're bound by the contract as exchanged.
If you're confident in the property and want to beat other interested buyers to exchange, a 66W can help, but only after the contract, title, and (for units) strata report have already been reviewed. Signing one before review defeats its purpose entirely.
Only a solicitor or licensed conveyancer, confirming they've explained the effect of waiving cooling-off to the buyer.
It's not needed at auction, since auctions have no cooling-off period to waive in the first place, it's mainly used for pre-auction or private treaty offers.
A 66W certificate is a normal part of a competitive market, not a red flag, but it should always come after contract review, never instead of it.
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This article is general information only and does not constitute legal advice. For advice on your specific circumstances, please get in touch.