Hi, I have just sold the first and only property I have ever owned. The five days cooling off period starts today. I was wondering what happens from here. My solicitor is not very informative but I was wondering when i get access to the 10% deposit that the buyers have paid. Do i get this after the 5 days cooling off period or do I have to wait 5 or 6 weeks when the property fully settles.
please help. Matt
It depends upon what you requested to go into the contract of sale. If you had asked your solicitor to include such a clause in the special conditions, then you would get access (with the downside risk that if the contract failed to proceed to completion, you would be liable to repay it).
You will generally have to wait till it settles. You could ask your solicitor to request that the vendor's solicitor release the deposit to you early, which would require the vendor to sign a document agreeing to this. It's probably unlikely they'll bother with this, when there is such a short settlement period.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Often your 5 day cooling off period will turn into a 10 day cooling off period, this is normal so if it happens don't worry. Then the 10% will be paid but you will not have access to it until the settlement date. Unless you have included a specific clause in your contract.
If they reneg on the settlement then you should be able to keep their 10%Ryan McLean | On Property
http://onproperty.com.au
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