NSW legal practitioners will be familiar with the effect of a
66W Certificate, which if signed by a legal practitioner at or
before a contract for sale of NSW residential property is
exchanged, means that a purchaser waives the cooling off period
otherwise afforded that purchaser pursuant to s66S of the
Conveyancing Act 1919 NSW ("the
Act"). Waiver of that right in this way is afforded
pursuant to s66T(a) of the Act.
Those same readers may be less familiar with s66T(d) of the Act,
which provides that a purchaser of NSW residential property does
not have the benefit of a s66S cooling off period right where a
contract for sale is made pursuant to the exercise of an
option.
Meaning of "option" - Conventional wisdom
