A cooling off period is usually where one party - usually the buyer - is given a short amount of time after signing and exchanging the contracts to decide if they definitely want to proceed.The seller is generally bound to the contract and prohibited to sell the property to anyone else during the cooling off period.
The rules of cooling off periods differ between the states, so take care to check the details that apply to your location with a solicitor or conveyancer.
http://www.ljhooker.com.au/buy/buying-faqs?sid=rsn
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