Use this letter when acting for a purchaser in a conveyancing matter to notify the agent that the contract has been rescinded and request the return of the deposit less the 0.25% of the purchase price that the vendor is entitled to.
It should be noted that the vendor must also authorise release of the deposit to the purchaser.
At the same time, you should send precedent letters called “Letter to client advising of exercise of right of rescission and forfeiture 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, LegalVision.
This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.