I am going to pay 10% deposit on my OTP unit, it?s in NSW. The contract have the following conditions:
- The deposit vests in the vendor must be invested in trust by the Vendor's Solicitors pending settlement
- The vendor's solicitor may invest the deposit with a bank in trust for the vendor. All interest earned on the investment of the deposit shall belong to the vendor
I am in the process of exchanging contract now, is it worth to ask my solicitor to negotiate for the share of the interest, let says 50% go to purchaser(me)? I have read some posts regarding to the same issue, but they all in QLD. In my situation, the 10% deposit is around $35k, the completion date of the OTP will be late 2015. How much interest can I have in my situation? If it?s a big amount, I may give it a go.
- The deposit vests in the vendor must be invested in trust by the Vendor's Solicitors pending settlement
- The vendor's solicitor may invest the deposit with a bank in trust for the vendor. All interest earned on the investment of the deposit shall belong to the vendor
I am in the process of exchanging contract now, is it worth to ask my solicitor to negotiate for the share of the interest, let says 50% go to purchaser(me)? I have read some posts regarding to the same issue, but they all in QLD. In my situation, the 10% deposit is around $35k, the completion date of the OTP will be late 2015. How much interest can I have in my situation? If it?s a big amount, I may give it a go.