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From: Michael McDonald
I bought a unit off the plan. I am about to re-sell it for a higher price, well before settlement.
When I signed the contract, I paid a 10% cash deposit. When I re-sell it, the purchaser will pay a 10% cash deposit.
I thought I could get my deposit back from the vendor, and simply replace it with the deposit received from the new purchaser. My solicitor is telling me this can't happen, and that both deposits have to be held. I am in Victoria, and Victorian law applies. I am told that deposits can't be released until the Plan of Subdivision has been registered.
I was wanting my deposit back so I could take advantage of other opportunities, but it appears I can't. Any suggestions from anyone who has done this?
MicMac
I bought a unit off the plan. I am about to re-sell it for a higher price, well before settlement.
When I signed the contract, I paid a 10% cash deposit. When I re-sell it, the purchaser will pay a 10% cash deposit.
I thought I could get my deposit back from the vendor, and simply replace it with the deposit received from the new purchaser. My solicitor is telling me this can't happen, and that both deposits have to be held. I am in Victoria, and Victorian law applies. I am told that deposits can't be released until the Plan of Subdivision has been registered.
I was wanting my deposit back so I could take advantage of other opportunities, but it appears I can't. Any suggestions from anyone who has done this?
MicMac
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