All Topics / Help Needed! / Noobie needing help…….

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of deepleaddeeplead
    Member
    @deeplead
    Join Date: 2009
    Post Count: 11

    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

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    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).

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    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 Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Ryan McLeanRyan McLean
    Participant
    @ryan-mclean
    Join Date: 2010
    Post Count: 547

    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
    Email Me

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.