Off the Plan - Deposit earning interest?

Hi all,

I noticed in the off the plan contract the following.

36. Deposit
36.1 Investment of Deposit
The deposit holder must invest the deposit (at the risk of the party who becomes entitled to it) in an interest bearing account with a bank in NSW, payable at call, with interest to be reinvested.

36.2 Payment of interest

a) On completion, interest will be paid to the parties equally, after deductions of all proper government taxes or financial institution charges or other charges

b) If this contract is rescinded or terminated, interest after deduction of all proper government taxes or financial institution charges or other charges will be paid to the party entitled to the deposit, unless otherwise agreed between the parties.

Is point a) saying that the deposit funds I transferred over (which has been about a year now) that we are entitled to a deduction from the total cost of purchase when we settle based off what the interest would have been earned from the time the deposit was paid till settlement?

Is point b) saying the same thing except in the situation if me or the buyer pulls out for any contractually valid reason?

 

a) No.
It is saying any interest earned, after fees etc, will be shared by the borrower and seller.

Probably $58 or so.

b) yes