This precedent is a letter used when acting for a vendor in a conveyancing matter to respond to the purchaser’s representative after they have served a notice of rescission on the vendor. This precedent provides for a claim to a part of the deposit equal to 0.25% of the purchase price.

Section 66U of the Conveyancing Act 1919 (NSW) provides for rescission of a contract during the cooling off period. Section 66U requires the notice to be signed by:

·                the purchaser or their solicitor; or

·                if there is more than one purchaser, each of the purchasers or their respective solicitors.

The section also requires that the notice must be served on:

·                the vendor or their solicitor;

·                if there is more than one vendor, any one of the vendors or any of their solicitors; or