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
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