Can I get my holding deposit back and how?

[Sarah1980]

Hello all,

All this happens in Sydney:

I paid 0.25% of purchase price as holding deposit for an off plan properties on last saturday. And I decide not to go ahead now. I want to get the money back.

What I did so far:
1. Last saturday, the agent got my details of driving license, and I signed my name on something like a contract (the agent emailed me says that it just for securing the unit, i have the email record for this)
2. Last saturday, I also paid the 0.25% to him too, the agent wrote a piece of paper and confirm the payment, and he says he is going to post the official one to me, but i didn't receive anything so far, it's already 3 business days.

It seems that the agent is doing something not the way it should be, and I have no confidence on him anymore. So, in my case if I request the refund, what should I do now?

I will contact the agent today, but I have the feeling that he will tell me many things which confuse me, i would like to know any advice before I call him and so i have a clear understanding on my right in this situation.

Thank you!

 

[EN710]

Tell him that you're no longer interested and want the 0.25% deposit back.

I dealt with two agents when buying my (upcoming) OTP and paid 2 EOI (I assume it's EOI that you paid? If not and they have send you a contract, it might not be refundable). One has crap service, so decided to go with the other one. Asked them for deposit back no problem - it's not suppose to be complicated, it doesn't matter if things are complex on their side, it's not your issue.

 

[DaveM]

Unless your solicitor has received the vendors counter signed contract, or you signed an authority for the agent to exchange, you can pull out and have the 0.25% refunded.

If the contracts have been exchanged and you had no 66W waiver of cooling off rights, then you are able to rescind the contract but will lose your 0.25%. If your solicitor/conveyancer signed a 66W then you are unconditional.

So the moral is, check with your solicitor or conveyancer and have them organise the required letter to cancel the deal.

 

[Pete Ramoza]

Just tell them you're no longer interested and want your deposit back. Don't take any crap, don't let them confuse you, just tell them you want your money.

 

[Sarah1980]

Thank you all, I got the deposit already, i just simply told them not interested in it anymore....