Sydney Property Paid Deposit Signed Contract - I No Longer Wish to Proceed

Luser78 on 15/11/2021 - 22:46
Last edited 17/11/2021 - 00:31 by 1 other user

Hi all,

I signed a contract for a property (Digitally docu sign), for a house in Sydney, on Saturday, Nov 13, 2021, 8:12 PM

Paid .25 deposit on the same day, 8:23 pm. The real estate agent called and said, I will get it signed by the vendor and confirm tomorrow.

The agent did not confirm the exchange the next day Sunday

Also, no communication/confirmation by text or email, and also did not send the Signed contract by the vendor today (Monday) to me or my conveyancer, Monday 15 Nov.

I asked my conveyancer, I would not like to proceed with the property and also called the agent (no answer).

Conveyancer sent an email to the agent and real estate agency, advising the same at 3:07 pm today to not exchange the contract and refund deposit, we (me and my conveyancer) received an email reply from the agency, sorry the contract has already been exchanged.

One hour later 4:13 pm real-estate agency sent the contract signed by the vendor and advised we will not refund .25.

Note:

A signed contract by the vendor was received by my conveyancer through email, after I requested my conveyancer and sent an email to not proceed with the property. There was no confirmation even verbally by phone, by the agent that the contract has been signed by the vendor.

Am I eligible to get the deposit back of .25 in this case? if anyone has similar experience

  • Any advice will be not be treated as legal or financial advice

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Edit: Moving on to the next property .25 deposit lost (I don't have a solicitor and as per conveyancer .25 should be gone in this case) , Cant thank enough for the time and valuable inputs.

Just wanted to be aware of the options, if something like this happens again with anyone in future.

Home & Garden

Comments

  • mskeggs on 15/11/2021 - 22:52
    +9

    Change of mind, hey?

  • Traveller107 on 15/11/2021 - 22:53
    +11

    DocuSign carries the digital timestamp of when each party signs it. If the vendor signed after your solicitor withdrew the contract then you should get your deposit back.
    Your solicitor should tell you this. Cheers

  • Hybroid on 15/11/2021 - 22:53
    +4

    Am I eligible to get the deposit back of .25 in this case?

    Initial thought is no, you're not entitled to it. But, does the contract have provision for cancelling/changing mind before it's executed by both parties? Feels like something your solicitor can advise on, not a bargain forum.

    • treekangagaroo on 16/11/2021 - 08:32

      Who know if the owner/agent had a new inspection on Sunday and was waiting for higher offer ?

  • screensaver on 15/11/2021 - 22:54
    +3

    well its a business day, they became open for business at 9 am. You didnt cancel until 3.30, too late. You should have cancelled before 9am. The agent not being contactable is a nuisance,but probably not enough. Once you pay and sign, unless there is a cooling off period, thats it. Its to your advatage if you want to hold a property

  • kanmen on 15/11/2021 - 23:08
    +3

    Can you explain where your change of mind came from?

    • iNeed2Pee on 15/11/2021 - 23:14
      +3

      Probably after they realised they payed 400k overs.

      • resubaehtgnolhcs on 15/11/2021 - 23:18
        +1

        That's normal if you want a property in Sydney!

      • [Deactivated] on 15/11/2021 - 23:31

        payed? did OP buy a boathouse?

  • iNeed2Pee on 15/11/2021 - 23:11
    +2

    Welcome to OzProperty user78.

  • Downvoter on 16/11/2021 - 00:10
    +2

    Good old ghost account

    • FLICKIT on 16/11/2021 - 00:18
      +3

      I considered offering help to the OP but it's unlikely they will ever reply, so why bother…

      • plmko on 16/11/2021 - 00:27
        +6

        Never understood why people jump to help these people. Not like they would ever return the favour to this community.

  • Transient on 16/11/2021 - 01:06
    +1

    Generally for NSW property purchases, there is no binding agreement until signed contracts have been exchanged. Also (at least in NSW) there is generally a cooling off period (unless it has been waived). The foregoing is not legal advice. Speak to your lawyer / conveyancer.

    • Hybroid on 16/11/2021 - 02:47
      +2

      I believe the exception is auctions where it's binding on winning. Most properties on the market are auctions nowadays.

    • djkelly69 on 16/11/2021 - 05:37
      +2

      Sounds like the OP is aware they can rescind in the cooling off period, because they mentioned the 0.25% deposit which is what you forfeit if you rescind in the cooling off.

      OP is trying to argue there was never any contract, and therefore get their 0.25% back.

  • Hardlyworkin on 16/11/2021 - 05:55
    +3

    Congrats on your purchase.

  • 2jzzzz on 16/11/2021 - 08:25

    Is it subject to building and pest or finance?

  • Big Lenny on 16/11/2021 - 08:54
    +1

    troll thread guys - opens new account and disappears

  • Keplaffintech on 16/11/2021 - 09:32
    +3

    This is why you pay for a conveyancer, to deal with problems like this. Make them earn their pay!

  • pndl on 16/11/2021 - 16:10
    +1

    You only lose your deposit if contracts have been exchanged. You can withdraw before exchange. The key word is exchange. If you withdrew before exchange then you should get your money back.

  • silenthillrocks on 16/11/2021 - 16:26
    +2

    Lose the .25 and thank yourself it wasnt an auction, where you would have lost 10%

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