Section 66W - should it be waived?

One common request from vendors or their solicitors is for the purchaser to waive what is known as the “cooling off period”. That’s Section 66W of the Conveyancing Act (1919).

The Act allows the purchaser to rescind on the contract anytime with 5 business days.

These 5 days can be used to finalise finance, and complete checks and investigations on the property. If the purchaser decides not to proceed, they pay a small penalty fee but do not have to proceed with the purchase.

As the property market in Sydney's Eastern Suburbs and Inner West, starts to heat up, the real estate agents and vendors are increasingly putting pressure on purchasers to waive this cooling off period. 

I don't like this at all as purchasers, keen on a property, are forced in to a situation where, if they really want the property, the need to exchange without having time to do any searches.  This can be a really costly mistake.

It is unnecessary pressure.  In almost all cases, when an exchange occurs, the sale will complete.  The agent and the vendor will get paid.  All it does is seriously stress the purchaser. Why??