Pay­ing your de­posit

Style Magazine - - Experts - BY SIOB­HAN STRAT­TON CONNOLLYS LAWYERS PTY LTD Visit Connollys Lawyers Pty Ltd at 4 Bowen St, Toowoomba or phone 4639 1066.

Did you know that if you do not pay your de­posit on time when buy­ing a res­i­den­tial prop­erty, you are in de­fault of the con­tract?

An REIQ con­tract for buy­ing a res­i­den­tial prop­erty pro­vides a sec­tion for a buyer to pay a de­posit

If you do not pay the full amount of the de­posit and/or pay it on the due date recorded in the con­tract, you are in de­fault of that con­tract;

This means the seller can ter­mi­nate the con­tract at any time

Even if you pay the de­posit at a later date dur­ing the the con­tract, the seller can still ter­mi­nate

You may lose the con­tract and the seller is en­ti­tled to sue you for dam­ages to re­cover the non-pay­ment of the de­posit by you on the due date Be­fore sign­ing a con­tract, be aware of how much de­posit you are re­quired to pay, the due date and whether you can meet those obli­ga­tions. The con­tent of this ar­ti­cle is of gen­eral in­for­ma­tional na­ture. It is not in­tended to be com­pre­hen­sive nor does it con­sti­tute le­gal ad­vice. If you have a spe­cific le­gal ques­tion, you should ob­tain le­gal ad­vice.

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