This precedent is a letter to the vendor client of a conveyancing matter informing the client that the purchaser’s representative has served a notice of rescission on the client rescinding the contract during the cooling off period.
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.
Under section 66U, 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 Lexis Nexis by Emma Heuston, Principal Lawyer, Legal Vision.