Can I get my deposit back within the cooling off period?

OK, so I signed the amended contract for $570k on a property, subject to finance and P&B inspection. Some of you may have followed my earlier thread:

http://www.somersoft.com/forums/showthread.php?t=58600

I dropped the contract off at the REA's office on Friday (8 Jan) and he said he will be at the vendor's house that night to have him sign it.

I haven't heard from the REA since on whether the vendor's signed it or not. My cooling off period ends on Tuesday (12 Jan).

I have paid a $1000 holding deposit. The house is in Vic.

If I decide to pull out before Tuesday (ie when my cooling period ends), can I get my $1000 back?
 
The cooling off period only commences when you have a copy of the contract signed by all parties, you could pull out now with no penalty. If contracts are exchanged you would forfeit .02% of the sale price.
 
The cooling off period only commences when you have a copy of the contract signed by all parties, you could pull out now with no penalty. If contracts are exchanged you would forfeit .02% of the sale price.

So, if the vendor had signed the contract on 8 Jan, and this fact was not communicated to me yet by the REA, the cooling off period has not actually commenced yet, until I have the signed contract in my hands?

In order to protect myself (and get my $1000 back), do I communicate that I withdraw my offer/cancel the contract to the REA before he gets a chance to tell me the contract has been signed by the vendor?
 
So, if the vendor had signed the contract on 8 Jan, and this fact was not communicated to me yet by the REA, the cooling off period has not actually commenced yet, until I have the signed contract in my hands?

In QLD this is exactly the case and i imagine the case would be similar in VIC. Cooling off periods do not commence until you have been presented with a fully executed copy of the contract. Further to this they are based on clear business days meaning that the first day of the cooling off period is the first business day after the date of the contract.

I am unsure of the answer to the second half in VIC so i will leave that to be answered by a local.
 
The cooling off period only commences when you have a copy of the contract signed by all parties, you could pull out now with no penalty.

Cooling off periods do not commence until you have been presented with a fully executed copy of the contract.

Unfortunately in Victoria, the clock starts ticking on the cooling off period as soon as the purchaser signs a contract, regardless of how long it takes for the vendor to do so.
 
As far as I know cooling off period starts when your solicitor or yourself get a signed copy of the contract.
I have used this method in approx 5 contracts in two years and always received my deposit back without asking.:cool:
 
Again in reference to Qld, the penalty for terminating within the cooling off period is noted at .25% of the contract price. Sometimes the terminating buyer is charged this but not always. In fact, I have thought it a silly rule as the buyer is letting the seller know very quickly that he won't be proceeding. Lots of buyers wait until the cooling off period is over and then use the finance or building clause as their "way out".
Frizzle
 
Cooling-off period start - official description (Qld)

"It begins on the day you are bound by the attached contract. Both the buyer and the seller are bound by the contract as soon as the buyer or their agent, lawyer or personal rep receives a copy of the signed contract. In any dispute concerning the commencement of the cooling-off period, it will be up to the seller to prove the buyer received a copy of the contract."
 
Unfortunately in Victoria, the clock starts ticking on the cooling off period as soon as the purchaser signs a contract, regardless of how long it takes for the vendor to do so.

After a look into VIC legislation it appears you are correct. What a crazy system in that the vendor can effectively not sign the contract until the purchasers cooling off period has lapsed.
 
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