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Does it cost anything if I terminate the contract during the cooling off period?

If you terminate a contact to buy a property during the five day cooling off period and you have paid a deposit, then you incur a penalty fee equal to a quarter of a percent of the purchase price. Half of this fee is paid to the seller and the other half is paid to the real estate agent.

If you have not paid a deposit, then there is no penalty fee. In this situation, the seller does not receive anything and is entitled to claim the penalty fee from you or the real estate agent for failing to obtain a deposit. We therefore recommend that sellers not sign a contract until a deposit has been paid, unless there are exceptional circumstances.

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