The cooling off period is a statutory right given to all Purchasers whereby property is purchased by private treaty. The cooling off period entitles the purchaser to 5 business days within which they can change their mind on the purchase and rescind the contract. This 5 day cooling off period is able to be extended or shortened but in order to do this validly, certain procedures need to be followed. Agents do not have the authority to make changes to this period. Please watch this short video on the steps agents should take when such a request is made.