Hi Guys,
My partner and I is now under contract with the vendor and we have paid the initial 0.25% deposit. The cooling off period stated on the contract is 5 days however, when my solicitor asked for the Building Over Sewer Letter as there is a sewer main running under the building, the vendor has not yet provided this letter. The vendor finally agreed to extend the cooling off period for another two days but she said the BOS will probably not be available before the new cooling off period ends.
This is a concern to me as we are first home buyers and know very little about the consequences if we do not have the BOC before the new cooling off period expires.
Could someone please advise us if the BOS does not arrive before the new cooling off period expires, should we rescind the contract or not? We are buying a unit in a 40 years old building at NSW. Considering the age of this building, we thought the strata management or the building should have the BOS or maybe the vendor is trying to delay the process.
Thank you in advance for any kind advice.
My partner and I is now under contract with the vendor and we have paid the initial 0.25% deposit. The cooling off period stated on the contract is 5 days however, when my solicitor asked for the Building Over Sewer Letter as there is a sewer main running under the building, the vendor has not yet provided this letter. The vendor finally agreed to extend the cooling off period for another two days but she said the BOS will probably not be available before the new cooling off period ends.
This is a concern to me as we are first home buyers and know very little about the consequences if we do not have the BOC before the new cooling off period expires.
Could someone please advise us if the BOS does not arrive before the new cooling off period expires, should we rescind the contract or not? We are buying a unit in a 40 years old building at NSW. Considering the age of this building, we thought the strata management or the building should have the BOS or maybe the vendor is trying to delay the process.
Thank you in advance for any kind advice.