If you buy residential real estate, you will find that, beginning on March 1, the cooling-off rules have changed.

On that date, you will no longer lose your right to cool off just because you obtained advice from a lawyer before signing your contract.

From March 1, if you intend to use a lawyer to help, you will be on the same footing as someone who employs a conveyancer, as far as cooling off goes.

Previously, if you sought a lawyer’s advice before signing your contract you lost your right to change your mind, while someone who consulted a conveyancer with the same purpose in mind did not.

From March 1, in the case of most residential sales, the only occasion on which you will not be able to change your mind after signing a contract will be when you sign within three clear business days before, on the day of, or within three clear business days after a publicly advertised auction.

Some things have not changed, however.

You must still exercise your right to cool off within three clear business days of signing your contract. In counting the days, you ignore the day you signed, weekends and public holidays.

If you do cool off, the seller will still be entitled to keep $100 or 0.2 per cent of the contract price, whichever is greater. Usually, the money will be deducted from the deposit you paid.

Enzo Raimondo, chief executive REIV