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True but in NSW things work a bit differently. In some cases clients just verbally agree on a price with the vendor, put that price on the contract, but don't formally 'exchange'. In the meantime, they get valuations/finance approved, and then once that is all settled they formally exchange and...

Lots of people get 10 days cooling off as part of the terms of the negotiation. Pretty standard really, even though the default cooling off is 5 days.