Cool-off Penalties[VIC]

Hi experts, need help

Situation - I had put in an offer for a house in Western Melbourne. The agent came back saying it's not accepted because 1) there's another similar range offer with no conditions and 2) vendor is putting a counter offer to me with 15k additional.

I wanted to check what is the penalty for withdrawing the offer completely? I've deposited 5k.

Any suggestions are helpful.

 

Sorry, forgot to mention, it is well within the 3 day cool off period.

 

Nil, they didn't accept your offer and proposed a counter offer.

 

Are you saying that you countersigned the vendor’s offer with the extra $15,000?

The cooling off fee is $100 or 0.2 per cent of the purchase price, whichever is greater. Buying property by private sale

By the way , your location says ‘ubiquity’ - which state is that in?

 

Nearer to Serendipity & north of Tranquility.

 

Great. I thought so too.

Thanks a lot @Scott No Mates

 

Thanks @Joynz. I'd believe it will be only if they've accepted it.

They've not so I'm assuming $0?

 

Could not have put it any better @Scott No Mates

I was going to say, in the state of.....trance.

But yours is better.