Your offer on a property has been accepted, and the agent wants you to sign a 66W? What does this mean? What are you signing? Basically, you are signing a document that waives your right to rescind the contract.

Generally, when you sign a contract, you have the option to have a 5 or 10 ‘cooling-off period’. This means if you choose not to proceed with the purchase of the property, you only lose the 0.25% deposit, not the full 10%.

Once the 10% has been paid, then you are committed to that property, no matter what. If you don’t proceed, you may lose your full 10% deposit.

Here are the things you need to do during the ‘cooling-off period’ so you don’t lose your hard-earned money