Ordinarily, a purchaser is entitled to a 5 (business) day cooling off period following exchange. However, in the case where a vendor asks you to sign a s66W certificate, the vendor is asking the purchasor to waive this right.
An s66W certificate certifies that your solicitor has explained to you that, upon exchange, you will be obliged to proceed with the purchase of the property upon the terms and conditions set out in the contract and that you will not have the benefit of a cooling off period.
Ordinarily a cooling off period gives a purchaser the opportunity to obtain unconditional loan approval from their financier and gives us the opportunity to conduct any necessary non-standard searches. It also gives purchasers the opportunity to have a strata, building and/or pest inspection done.
If you do not require finance for your purchase and if you have already received a satisfactory strata/building/pest inspection then signing an s66W certificate can be a reasonable move to secure a property.