Use this letter when acting for a purchaser in a conveyancing matter 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.
This precedent encloses a notice pursuant to section 66U of the Conveyancing Act 1919 (NSW). When sending the notice, the requirements of section 66U must be strictly complied with to ensure that rescission of the contract during the cooling off period is effective.
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 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”.
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.