Cars & Motorbikes Holding deposit on a motor vehicle

Discussion in 'Living Room' started by Propertunity, 15th Dec, 2016.

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  1. Propertunity

    Propertunity Well-Known Member

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    What is the legal status of a holding deposit on a private sale/purchase of a motor vehicle in NSW?
    Refundable if the purchase is not completed?
    Forfeited if the purchase is not completed?
    Seller committed to sell to the deposit giver? or free to sell to another?
     
    Propertunity, 15th Dec, 2016
    #1
  2. DaveM

    DaveM Well-Known Member

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    Motor vehicle contracts are subject to 2 days cooling off in NSW iirc. So refundable if you cool off, or if its subject to finance and finance not obtained. Forfeited under other circumstances typically so make it small eg $500.
     
    DaveM, 15th Dec, 2016
    #2
  3. Scott123

    Scott123 Active Member

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    Private sale? I would have thought the laws would be this:

    0.
     
    Scott123, 15th Dec, 2016
    #3
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  4. DaveM

    DaveM Well-Known Member

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    I didnt spot the private sale bit :(
     
    DaveM, 15th Dec, 2016
    #4