OK I've put a "holding deposit" on a unit/apartment as they are in the early stages of build, scheduled for completion around April 2017. My question is how long can I legally hold a unit until I'll need to make an official deposit and sign the paperwork? My worry is it's still early on, I want to see how the build progresses and would rather sign in a few months time rather than now, just to make sure it's the right decision. However Real Estate company is now putting the pressure on to get it done. So do I have some legal window of time on this or am I basically obligated to sign now? My holding deposit is refundable if I decide to pull out.
New Apartment, how long can I hold it?
mreddie on 26/07/2016 - 08:25
Comments
It will tell you in the contract of sale
holding deposit normally have 5 business days / 1 week, depend on the agent.
Yep. Check the paperwork, but 1 week is common. Some might give you more time if they're really keen, maybe 2-3 weeks. You aren't going to get them to wait 6 months.
When I read the title I thought you had bought a new apartment and the dunny wasn't working.
Thanks guys, appreciate the feedback. and thanks teardrops21 for the laugh
A holding deposit to me sounds like the Realestate agent being nice.