cooling of period - paying deposit

Discussion in 'Legal Issues' started by CraigJ23, 17th Jul, 2021.

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  1. CraigJ23

    CraigJ23 Well-Known Member

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    In NSW, does paying the deposit make the contract unconditional, or can you still pull out of the contract until the end of the cooling off period?

    Say I have a 10 cooling off period, and I pay the 10% deposit at day 6, can I still pull out of the contract between then and the end of the 10 day period?
     
  2. Trainee

    Trainee Well-Known Member

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    Why would you sign a contract that required 10% deposit prior to expiry of the cooling off period in nsw?

    generally the deposit is due when the cooling off expires.

    unconditional is when all conditions are satisfied. Not limited to payment of deposits. But in the current nsw market, the seller is unlikely to agree to any further conditions.
     
  3. CraigJ23

    CraigJ23 Well-Known Member

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    The contract I signed is just a standard contract. It doesn't require paying the deposit before the cooling off expires. There are no other conditions to the contract. Once the cooling off period has expired I believe it becomes unconditional.

    I just thought I would pay the 10% deposit before the expiry of the cooling off period, just to get it out the way. But I didn't want to make the contract unconditional in doing so, in case my finance falls through.
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    No
     

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