Cooling Off Period

[KathyArthur]

Just wondering if a $500 deposit was paid on a house worth $500,000 and a contract of sale in Victoria was signed. If Purchaser decides to terminate contract of sale within the 3 day cooling off period, does this cost them $100 or 0.2% of the $500,000?
Kind Regards Kathy

 

[MTR]

0.2% of the $500,000.
Seems a silly question but did the purchaser receive a copy of completed contract?

I recently terminated a contract exercising cooling period. I paid nothing as I did not receive contract in full, just a couple of pages were faxed, RE agent's blunder which cost the vendor.

Cheers, MTR