This precedent is a letter used when acting for a vendor client in a conveyancing matter to advise the real estate agent that the purchaser has exercised their cooling off rights under the contract and has served a notice of rescission upon the vendor.
This letter also claims part of the deposit equal to 0.25% of the purchase price for the vendor and authorises the release of the balance of the deposit to the purchaser.
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 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.