Queensland purchase and deposit/termination process

I am about to sign a contract for a purchase of a property in QLD, however I want to understand the process of deposit and when it is forfeited.

If I sign a contract that is conditional on the basis of selling another property and finance and that property does not sell or if finance is not approved therefore unable to enter the contract, is the deposit paid fully refundable?

Am I then correct to assume that if all the conditions are met (sell property and finance approved), however if I do then terminate the contract before settlement, is this when I forfeit the full deposit?

 

On what basis would you terminate the contract if all the conditions are met?

 

This is hypothetical only, the bigger question is around whether the deposit is refundable if I cannot go unconditional.

 

If your contract is conditional on the sale of X and X is not sold then the condition is not met and you can terminate the contract

 

And is the deposit I paid fully refundable?

 

It will depend on the terms of your contract

 

If the conditions aren't met and you terminate within time, your deposit is generally fully refunded in Queensland, yes.

 

If the contract is unconditional, you dont terminate, you are refusing to settle. The seller might go to the courts to force you to settle, or if they sell for less later, come after you for the difference.

 

Actually it would be a rescission of contract if the contract is ended because of a finance clause