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Deposit for development site

Discussion in 'The Buying & Selling Process' started by Tyla, 22nd Sep, 2015.

  1. Tyla

    Tyla New Member

    Joined:
    23rd Jun, 2015
    Posts:
    2
    Location:
    Sydney
    We are in the process of selling a development site (high density residential) in Sydney. What kind of deposits (%) can we expect typically excluding some outlier cases?

    Do you need 30 day written notice to end an exclusive agency agreement if the agreement is for 90 days and it hasn't expired yet (2 weeks to go)?

    Thanks

    Tyla
     
    Last edited: 22nd Sep, 2015
  2. FireDragon

    FireDragon Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    171
    Location:
    Australia
    I've got a B2 zoning site and got offers with deposit between 5% to 10%.

    In regards to exclusive agency agreement, I think you need to check the original agreement document and see if you can terminate the agreement if it hasn't expired.
     
    Tyla likes this.
  3. Tyla

    Tyla New Member

    Joined:
    23rd Jun, 2015
    Posts:
    2
    Location:
    Sydney
    Thanks for the reply, FireDragon. Anyone else? My agent is trying to make it sound like 1% is normal before the boom we have right now, which doesn't make sense to me at all.
     
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,727
    Location:
    Sydney
    I echo @FireDragon comments. 5-10%. At least thats the most common thing i've seen personally.