how long is a contract of sale valid for nsw Page 98

In New South Wales, a contract of sale for property generally remains valid until all conditions are met or the contract is lawfully terminated. Typically, the cooling-off period lasts for 5 business days after exchange, during which a buyer can back out with a small penalty. Beyond that, the contract stays active until settlement, which is usually set between 4 to 6 weeks from exchange. However, if either party breaches terms or fails to meet conditions, the contract can be ended earlier. Always consult the official legal documents or a solicitor for precise details—real estate law loves its fine print.