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So if you allow for the first IP1 to be signed with a 0.25% deposit that is fully refundable, wouldn't that potentially give the other party confidence that they could cancel without any financial penalty in the event you don't proceed with the sale of IP2? Or is there something that catches...

Perhaps sign on the contract for IP1 on the 30 June 2015 that has a cooling off period of 7 days and have the 0.25% fully refundable with a 7 week settlement. Then sign the IP2 on the on the 7 July but with no cooling off with a 6 week settlement. Does that work?