If you are buying or selling a home in Sydney, you will now be working with the 2026 contract for sale in NSW. One change matters for every residential sale: the cooling-off notice. Any residential contract exchanged on or after 1 June 2026 must include the updated form of that notice. Here we explain what changed, what it means for buyers and sellers, and what we check before you exchange contracts.
Most NSW property sales use a standard contract published by the Law Society of NSW and the Real Estate Institute of NSW. The 2026 edition replaced the 2022 edition in March 2026.
The main driver was a 2025 change to NSW conveyancing law. It clarified how cooling-off rights apply to options over residential property. It also made a small wording change to the cooling-off notice that every residential contract must contain.
Other contract for sale of land changes in the 2026 edition include:
The Law Society stopped selling the 2022 edition on 13 March 2026 and recommends moving to the 2026 edition. What the law itself requires is the notice: a residential contract exchanged on or after 1 June 2026 must contain the new cooling-off notice.
The Law Society has published a replacement page so that a contract prepared on the 2022 edition can be updated. If you hold an older draft contract, have it reviewed before anyone signs it.
Most buyers of residential property in NSW have a cooling-off period after exchange. It lasts five business days, or ten business days for an off-the-plan purchase. A buyer who cools off forfeits 0.25% of the purchase price. There is no cooling-off period at auction, or where the buyer’s lawyer gives a certificate waiving it.
The law requires every residential contract to set out these rights in a set form of words. The 2025 change updated that new cooling-off notice slightly, but the length of the period and the 0.25% amount stay the same.
For contracts exchanged from 1 June 2026, only the new form will do. The risk is highest where a contract was drafted months ago and has been sitting with the agent. For a full explanation of how cooling off works, see our guide to the cooling off period in NSW.
Once contracts are exchanged, you are bound by them, subject to any cooling-off rights. The time to raise concerns is before exchange.
When we act for a buyer, our pre-exchange review covers:
We then explain the contract in plain English and, where needed, raise changes with the seller’s lawyer before you sign. Read more about how we help with buying a property.
The law requires a seller to attach certain documents to the contract, including a planning certificate for the land. If a required document is missing, the buyer can generally cancel the contract within 14 days after it is made, unless the sale has already been completed. For residential sales, the contract must also include the new cooling-off notice.
When we act for a seller, preparing a contract for sale involves:
Read more about how we help with selling a property.
Whether you are buying or selling, the time to get advice is before contracts are exchanged. Our conveyancing and property lawyers in Edgecliff act for buyers and sellers across Sydney. Book a free consultation to have your contract reviewed.
