Hi, Purchased a property and cooling off ends today. To pay the balance of the 10% deposit, have made several bank transfers over Wednesday and Thursday night. The Wednesday transfers have hit the vendors trust account but appears that the one transferred yesterday has not shown up as of this morning. Suspect it won't show up until Monday (Ubank to Macquarie) How big a deal is this if the money is not received by 5pm in their account? Realistically any chances of losing the property? Agent is hammering me this morning to either seek an extension and provide a bank cheque for the balance. Am waiting to hear back from solicitor but is is a big issue?
Send agent evidence of the transfers and they should be fine. They just want to tell their client your intentions arent just steam.
Yeah NSW. Spoke to solicitors, didn't seem to concerned. Ultimately vendor's solicitor refused to extend cooling off but allowed us additional time to pay deposit. Sheesh.
My understanding is that if you get to the end of the cooling off period and don't rescind the contract then you are unconditionally exchanged. If the deposit is late or has a shortfall you are still buying the property. You are just in breach of the contract.
