Cooling-off period

A cooling-off period is a legally mandated cancellation window that protects consumers and businesses following execution of a property contract. The length of this period depends on the legal framework: consumer transactions typically allow 14 days, whereas commercial property deals often operate under different rules.

During this timeframe, the buyer may unwind the purchase without stating reasons or incurring penalties. Once the period expires, the contract becomes binding and can typically only be terminated under strict conditions or subject to damages claims. The cooling-off period generally begins after contract signature or delivery of mandatory information to the buyer.