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
the agent of the vendor or vendors.
This precedent has been authored for LexisNexis by Emma Heuston, Principal Lawyer, LegalVision.
This document is part of a LexisNexis suite of Real Property Law precedents prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.