Can I get my deposit back during cooling off period?

[matche]

I paid 0.25% of the purchase price as a deposit to secure a property, it is off plan development. The agent says if I change my mind, I can get the money back during cooling off period.

However, the Fairtrading website says buyer has to pay 0.25% to seller anyway:
http://www.fairtrading.nsw.gov.au/f...s/Buying_property/Contracts_and_deposits.page


"If you use your cooling-off rights and withdraw from the contract during the five business-day period, you will have to pay the seller 0.25% of the purchase price. This works out to be $250 for every $100,000."

I signed the so-called contact thing and the agent will send it to me for my solicitor to read, is it legal binding?

Any one can help? Apprecaited

 

[monalisa]

If the contract has been 'exchanged' then only you will loose 0.25% if you pull out during cooling off.

 

[Propertunity]

In NSW, typically if you exercise your cooling off rights, then you forfeit the 0.25% deposit to the vendor. However, it is also common practice for an OTP purchase for them to refund your 0.25% if you do not proceed. If the selling agent advised you that this was the case, then they are firstly liable to refund you but secondly probably treating your 0.25% deposit as an EOI or holding deposit, which is also refundable in the event that you do not proceed.

 

[Terry_w]

Depends on the contract.