The cooling-off period is an important aspect of property law that gives buyers a certain period during which they can change their minds about a property purchase. This period varies by state but usually lasts 5 business days or more after the contract of sale has been signed. During the cooling-off period, you can decide not to proceed with the purchase for any reason. However, you may pay a termination fee, usually 0.25% of the purchase price. Remember, the cooling-off period does not apply to properties bought at auction or within three clear business days before or after an auction.