Once an offer has been formally accepted and the vendors and purchasers agree on the terms of the sale, contracts are signed by both parties, a deposit is paid and then contracts are exchanged. The contract is now legally binding. There is then a 5 day cooling off period. After this time the sale/offer cannot be withdrawn. There is no cooling off period if you …
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Once an offer has been accepted, contracts are signed and exchanged, the purchaser has a 5 day cooling off period to withdraw from the sale. This period commences on the day of exchange and expires at 5:00pm on the fifth working day following. If the purchaser withdraws from the sale during the 5 day cooling off period they still need to pay 0.25% of the …
Continue readingWritten notice needs to be given to withdraw from the purchase within the cooling off period. The prospective purchaser will need to pay 0.25% of the purchase price to the vendor.
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Do you have your eye on a property that you would love to inspect, but the Open Home times fall when you are unable to attend? There is no need to worry, we are more than happy to help find a time the suits your schedule. You can arrange a private inspection with an agent. We suggest you ring at least 24-48 hours in advance, …
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So your offer has been accepted on the property you wish to purchase. When do you need to pay the deposit? A deposit needs to be paid when contracts are exchanged, a contract is not binding until the deposit is received. The deposit is 10% of the purchase price unless otherwise agreed to by the Vendor. The remainder of the purchase price is due on …
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