Sellor withdrawing from sale? post deposit taken

[skuzy]

Hi all

Can a sellor cancel/withdraw from selling their house. This has happened AFTER a deposit has been put down for the purchase and about 5 days after contract has been signed.

Was told this had happened by a friend.. this doesn't make sense to me.. because if a BUYER was to do the same.. there are penalties, (loose the deposit?)

Thanks in advance..

 

[Propertunity]

In NSW, once the seller and the purchaser have signed contracts and the purchaser has paid a 0.25% deposit, then the seller cannot pull out for any reason. The buyer may pull out and would forfeit the 0.25% deposit to the seller.

So in essence, the buyer has total control of the property for 5 business days and unless he rescinds the contract within that period, then he is the new owner at settlement.

 

[Aaron_C]

The Vendor CANNOT pull out of a contract. Go and pursue them if they have

 

[Empty Pockets]

Shouldn't happen legally but does happen. Vendor may change their mind or their puchase of another property may fall through. Good luck trying to get a court order to enforce the contract.

 

[Terryw]

I would say the vendor could pull out of the contract if they had not exchanged yet.