Hi all, Hoping someone can give me some quick advice to ease my mind while I wait over the weekend. Contract was signed with a 5% holding deposit in QLD. Due to timing of bank transactions the 5pm deadline was missed for deposit. I have now been advised by my solicitors that due to this the vendors are within their right to void the contract and walk away with the full deposit!! We have submitted a request for extension for Monday when the funds should be waiting in the Trust account and hopefully no dramas. They had not heard back with a response by close of business Friday. My question is, if the vendors wanted to screw us, could I use the cooling off period to get out of that situation? Grateful for any advice. Lessons learned...
I think you are worrying unnecessarily. You want to buy. They want to sell. I expect the vendors are just as concerned as you are that everything goes through ok. Marg
Nothing you can do until monday anyay. Was the deposit paid to the agents trust account? The most likely outcome is no one will care. How exactly did you miss the 5pm deadline?
