Browse Forums General Discussion 1 Jan 21, 2011 7:57 pm Hi there, i have just sold the first and only house I have ever owned. The five day cooling off period starts today. Just wondering what happens from here...Do i have access to the deposit monies when the 5 days cooling off period ends or do I have to wait 5-6 weeks or so until the property transaction is settled. My solicitor is not very informative and I was wondering if anyone could give me a rough guide as to what happens next. cheers Re: Newbie needing help....... 4Jan 22, 2011 1:33 pm A sABigail said, you can get access before settlement but the buyer can reject this. You need to have a reason to access it, and you won't get to before that cooing off finishes. If the sale is also subject to finance/building/termite inspections you won't be able to access it until these have been satisfied. Why do you want access to it anyway? If you don't mind me asking? I would assume the only good reason would be if you wanted to put a deposit on another property for yourself and that would have its own drama with the sale falling through and getting it back. Re: Newbie needing help....... 5Jan 23, 2011 9:04 am Thanks for the info. all building pest reports have been done so buyers satisfied with that, we were just wondering how it all worked. We can wait for settlement, things are a bit tight after christmas, we are looking forward to easy street !! Thanks again Re: Newbie needing help....... 6Jan 24, 2011 8:18 pm Yes, as others have said. You can apply for early release of deposit - the new buyers have to agree/sign the release. Not sure you need a reason... I don't recall having to give a reason for applying. But the new owners can reject the request. Simply tell your solicitor you would like to apply for release of the deposit and they should set the ball in motion for you - or at least advise you what you need to do. You could also ask the agent, from memory, our agent got us to sign our 'agreeing to release' to the new purchasers???? (I think it's called a section 28). Good luck. a building inspector should be able to tell you about any major problems but we need a floor plan with dimensions to clarify options for extra bedrooms ... sometime an… 1 8715 Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7897 Yes, unless you are in a low intensity rainfall area or the area is protected from rain. Do you have access to NCC Part 2 or can you download it? I can email you a copy… 10 12460 |