Use this letter when acting for a purchaser in a conveyancing matter to confirm your client’s instructions to rescind the contract and request the return of the deposit less the 0.25% of the purchase price that the vendor is entitled to.
Section 66U of the Conveyancing Act 1919 (NSW) provides for rescission of a contract during the cooling off period.
· confirms the client’s instructions to rescind the contract; and
· attaches a copy of the notice sent to the vendor or their representative pursuant to section 66U.
At the same time, you should send precedent letters called “Letter to real estate agent advising of rescission and authorising payment of that part of the deposit equal to 0.25% of the purchase price to vendor and requiring repayment to purchaser of balance of deposit” and “Letter to vendor’s solicitor rescinding contract and requesting the return of the deposit and authorising the vendor to receive that part of the deposit equal to 0.25% of the purchase price”.
This precedent has been authored for Lexis Nexis by Emma Heuston, Principal Lawyer, Legal Vision.