Letter to client informing of rescission and entitlement to retain that part of the deposit equal to 0.25 percent of purchase price

Letter to client informing of rescission and entitlement to retain that part of the deposit equal to 0.25 percent of purchase price

Regular price $44.00

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.