Deposit & Cooling off period

Hi Guys,

If i've signed a contract, left 10% deposit on the property, but then rescinded the contract on the 5th and final day of the cooling off period before 5pm.

The agent has deposited the 10% before the cooling off period has finished. What is my course of action to retrieve these funds?

Cheers!

 

Cheers, Just to make it clear, i'm in NSW and the rescission was handled by my solicitor and directed to the vendor's solicitor. I will be contacting my solicitor tomorrow so he can handle all this but just want to get a general overall opinion from the property community.

I explicitly told them not to deposit the cheque until the cooling off period was finished. Oh well, will have to waste time and energy chasing it up.

 

If it is a standard contract for NSW then it is likely you will be entitled to your money back.

Agents have legal requirements to deposit trust monies in trust accounts once received. They probably couldn't just hold your cheque.

 

Ahh, i had no idea they had a legal obligation to deposit the money in a trust, that's an error on my behalf. I don't understand why they kept assuring me that the money was in fact not deposited rather than just telling me the truth.

Thanks for the info gents, it's much appreciated!

Cheers!