Is there a cooling off period?

Under the Property Agents and Motor Dealers Act when a person signs a contact to buy residential property that person will have a cooling off period of five business days. The cooling off period commences from the day (or the next business day if it is a holiday) the buyer or his solicitor receives a copy of the contract. The buyer does not need a reason to terminate the contract during this period. The only penalty if the contract is terminated is .25% of the purchase price ($250 on $100 000) is deducted from the deposit.