Expressing Interest: The Initial Deposit
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When you make an offer, you might be asked to pay an initial deposit as a token of your serious intent. However, this deposit doesn't secure the property or remove it from the market—it simply signals to the seller your genuine interest in purchasing.
Key points regarding the initial deposit:
- Your deposit, known as an expression of interest, is refundable.
- The agent must provide specific information in writing before accepting the deposit, clarifying the lack of obligation for both the seller to sell and the buyer to purchase the property, emphasizing the refundable nature of the deposit.
- Before payment, you'll need to acknowledge, in writing, that you've received and understood this information.
Protections and Rights
It's important to note:
- You have the right to be informed if another offer is made for the property, allowing you the opportunity to adjust your offer before contracts are exchanged.
- Remember, the selling agent represents the seller's interests, not yours.
In the event that another buyer secures the property for which you made an expression of interest deposit, you're entitled to a full refund within 14 days.
Considerations and Caution
When considering an offer, especially for properties under construction, additional considerations come into play. Explore our off-the-plan buying page for more detailed insights.
Agents are permitted to pursue sales diligently, but they are prohibited from utilizing high-pressure tactics, harassment, or unethical conduct. For instance, pressuring you into an immediate offer after a property inspection is unacceptable behavior.
If you encounter concerns about an agent's conduct, you have the option to lodge a complaint online or contact NSW Fair Trading.
Negotiating Terms
I'm a new paragraph block.Before signing the sales contract, you can request changes to its terms. Seeking guidance from a solicitor or licensed conveyancer can be invaluable, offering tailored advice based on your circumstances.
Remember, navigating the property buying process requires diligence and a clear understanding of your rights and responsibilities. If you need assistance or further clarification, don't hesitate to seek professional help.