Terminated contract - how long for deposit refund?

Discussion in 'Legal Issues' started by pwnitat0r, 9th Jul, 2017.

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  1. pwnitat0r

    pwnitat0r Well-Known Member

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    Hi,

    Our OTP purchase has had a substantial change with 33sqm of land being taken away from draft plan. We got a copy of the final strata plan and gave a termination notice the following day asking for our deposit to be refunded.

    Termination notice was given Thursday July 6. No reply as of yet from the vendor's solicitor.

    I have read the contract front to cover, but doesn't mention any time frame for refund of deposit. How long is reasonable?
     
    pwnitat0r, 9th Jul, 2017
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Two days before you gave notice is reasonable. In fact, they should've anticipated your repudiation of the contract and not accepted your deposit in the first instance.

    Seriously though, you gave notice on Thursday, is one day realistic?
     
    Scott No Mates, 9th Jul, 2017
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  3. pwnitat0r

    pwnitat0r Well-Known Member

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    It took over a month to get a copy of the final strata plan that was registered.. this finally gave us written notice of changes they were aware of back in April and took 3 months for them to inform me of. In the meantime, they have been trying to get us to get a bank valuation done. Does any of that seem reasonable to you?

    I fully expect them to make it difficult and force me to take them to court or whatever, so I'm just after a reasonable time frame, e.g. 5 days.
     
    pwnitat0r, 9th Jul, 2017
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  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    The admin person allocated to jobs like this in real estate agencies and conveyancing firms often doesn't work full time (or if they do, in a real estate agency, the selling agents have them run ragged on Fridays helping to prep for the weekend open for inspections and auctions). I'd say give it 3 business days and if you have heard nothing, send a polite reminder outlining that you wish to be sent a copy of the evidence of the transfer being initiated by the close of business.
     
    JacM, 9th Jul, 2017
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    Peter_Tersteeg, KayTea and pwnitat0r like this.
  5. pwnitat0r

    pwnitat0r Well-Known Member

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    Great point Jacqui, thanks!
     
    pwnitat0r, 9th Jul, 2017
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  6. Agent30yrs.

    Agent30yrs. Well-Known Member

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    You don't say what state it's in, but In Qld it's in a trust account so firstly it needs written authorisation from both parties/solicitors and then the deposit holder has 14 days. I'm sure other states would be similar.


    The last time I was involved in a RE business that had a part time admin person like that was about 1983...
     
    Agent30yrs., 12th Jul, 2017
    #6