A worry here......advice would be appreciated. Thanks

[gobear]

Early last week, I made a deposit of 0.25% to the agent as he said to show that I am serious and sincere to purchase the property rather than mucking around. In the contract, I have written the agreement for the price and the period of settlement date. At that time, I was adviced that after I signed it, it would pass it off to the vendor to consider to accept my offer.

Till now, I have not heard anything back from the agent. I am starting to get fustrated. I am suspecting that the agent is trying to delay me since he is not answering my phone back. So before I step into the real estate in person, I would like to ask some advice like a mini preparation.

From my understanding, once the vendor agrees and signs it, then it will be officially confirmed as exchanged contract and there will be a 5 day cooling off period and obviously, the 0.25% deposit will be forfeited if I decided to withdraw during the cooling off period

However, I have NOT heard anything from him and may consider to withdraw now or force him to make the decision i.e. if I do not get accepted for the offer within 1 day, I will come up and get my money back? Or I can just show up and demand the money for no reason? (provided the vendor has not signed anything yet)

At the start, I was told that I am allowed to have the 0.25% refund if the vendor decides NOT to accept my offer for whatever reason. What about now? The vendor or agent is not responding to me, can I request for a refund for no reason (since the vendor did not sign anything?). I mean unless the vendor signs it straight away, then I am binded to the contract but what about in this situation?

If it can be refunded, if there's any source I can show (from a website or anything) so that I can argue with them face to face in case they try to make a delay by purpose and give me some excuses asking me to wait longer etc

Any answers will be very appreciated

Thanks

 

[Nathan]

By law, its not a binding contract. You can get your money back no question asked.

They will write a cheque or re deposit the money back.

 

[gobear]

Thats what I thought too provided the vendor has not signed it

But I am just concerned they will kinda be pushy and refuse to refund me straight away and try to delay me by asking me to wait another 1 week or several days etc.

I mean if the agent refuses or tries to delay it, do I talk to the real estate manager or what? Because you know how the real estate agents use dirty and cunning tricks to try and hold back as much as possible

By law, its not a binding contract. You can get your money back no question asked.

They will write a cheque or re deposit the money back.

 

[Nathan]

Dont be worried. The agent gets $0 of the deposit so its not worth their effort wasting time.

Just simply go in there and say if it isnt accepted you wish to withdraw offer and have your deposit refunded.

Shouldnt be an issue. Keep us posted tho.

 

[gobear]

I will go to the REA tomorrow and see what happens as well as let you updated

Sorry, I'd like to ask another question......what happens if that agent is not here tomorrow? Does it matter and has to be dealt with that person that was responsible for it? Or I can ask any agent or I can even speak and request for the refund to the receptionist as long as I have the deposit recepit with me???

Dont be worried. The agent gets $0 of the deposit so its not worth their effort wasting time.

Just simply go in there and say if it isnt accepted you wish to withdraw offer and have your deposit refunded.

Shouldnt be an issue. Keep us posted tho.

 

[Nathan]

Yep, id suggest speaking with the principal of the office or sales manager.

If worse case just say your there to get your deposit back.

Also keep calm too.

I see your in sydney, what suburb is the agent in?

 

[Collector]

Gobear - did the agent issue you with a trust receipt?, has the cheque been presented to the bank?

If you are withdrawing your offer simply go the the agency - take along the receipt and tell them you are withdrawing your offer and would like your deposit back.

If they refuse, then: ask why not - maybe the vendor has accepted and the agent has exchanged, contact office of fair trading and lodge a complaint, check with your bank and cancel the cheque.

 

[Cashflow]

Just a quick tip for your next purchase if this does not go ahead. Next time put an expiry date to your offer that way if it's not accepted by the dead line you immediately ask for your deposit back.

Have you tried contact via email? Send an email to the agent as well as the licensee. Also ask for a read receipt and delivery receipt. It's a great way to keep track of correspondence.

If you have trouble getting your money back and it hasn't been cashed and you have no further success with the agent why not cancel the cheque (if it's a personal cheque). Simply cancel it and inform the agency via email so you have it in writing.

Good luck
Peter
www.cashflowcalculators.com.au
www.privaterealestate.net.au