Cooling-Off Period

A “cooling-off period” is a legally mandated timeframe during which a party involved in a contract or agreement can reconsider their decision and, if desired, cancel the contract without facing any penalties or legal consequences. This period is intended to protect consumers and allow them time to think over their decision, particularly in situations involving high-pressure sales tactics or complex transactions.

In real estate, when purchasing a new condominium, buyers may have a 10-day cooling-off period during which they can cancel the purchase agreement without penalty. This allows the buyer to review the contract, seek legal advice, and ensure they are making the right decision.