Paying a non refundable deposit

[Redom]

Hi legal experts,

I've got a client who is looking into purchasing an NRAS property where the real estate agent asking for a $500 non-refundable deposit to hold a property.

The problem is, they can't:
1. Provide them a copy of the contract before putting down my deposit (its not ready for a month or so for some reason).
2. They won't tell them who the NRAS consortium is (so its hard to approve finances for the couple, and get an indication of fees, know the terms).
3. Won't allow valuations for a month (need the contract).

I just wondered whether an agent is allowed to ask for a non refundable deposit without showing them a contract!

Cheers,
Redom

 

[Propertunity]

Is the property in NSW?

If so, I know of no legislation / regulation that would allow an agent to ask for a non-refundable deposit unless it is a 0.25% deposit and a contract is signed by both vendor and purchaser.

Sounds sus.

 

[Redom]

Yes its in NSW.

I questioned it, but the agent was clueless.

 

[Scott No Mates]

...the agent was clueless.

Nothing new about that.


However a property cannot be advertised for sale without a full copy of the contract being available even OTP have a contract (yet subject to registration of title/subdivision).

 

[Redom]

Nothing new about that.


However a property cannot be advertised for sale without a full copy of the contract being available even OTP have a contract (yet subject to registration of title/subdivision).

Thanks Scott and Propertunity - appreciate the input.