In Australia, home purchases and sales are done through professional lawyers. Because of the help of professionals, it is rare for homebuyers to encounter such things as a trap. Australian home buying deposit is usually divided into two times, once called "small deposit" and once called "big deposit". Usually, buyers who want to buy a home can pay a "small fee", which is usually only 0.25% of the price of the home, or $1,000 or $2,000, and sometimes the "small fee" can even be waived. After paying the "small fee", you will be given a cool-off period and receive the purchase contract from the seller's agent. This "small fee" allows refunds for many sellers during the cool-off period, but it does not exclude some stronger sellers who do not allow refunds. But overall, this "small fee" is just a few thousand dollars, not a lot.
Can I reclaim the deposit if I change my mind about buying a house?
Unlike a "small fee", you need to be much more careful before you pay a " big deposit ". After paying the "small fee", you'll need a trustworthy home-buying lawyer to help you look over the contract.
Your home-buying attorney will help you go through the terms of the contract and break down the risks you may be involved in buying a home. At the same time, negotiate with the seller's attorney about any contractual amendments that may be required. The buyer is required to pay the "big deposit", which is 10% of the purchase price when the purchase contract has been reviewed and there is no disagreement between the two parties. The "big deposit" is not paid directly into the seller's account for the sake of insurance. Rather, the money is deposited into a trust account. Different from the ordinary bank account, the trust account is under the supervision of a third party, neither the seller nor the buyer can touch the money, until the property is to be handed over or the new building is completed, the 10% of the "big deal" will be transferred to the seller. And sometimes for some uncompleted buildings, if the house is not completed before the agreed final delivery date, then the buyer has the right to take back the 10% "big deposit". In addition, since some of the off-the-plan projects will take a few years to complete, then a large amount of interest will naturally be generated in the trust account. Usually, the buyer and seller will split the interest in half, while some sellers choose to give all the interest back to the buyer as a perk.
In South Korea, home buying and selling are relatively active at the moment, as the interest rate is the lowest in the country's history. I asked an agent in Korea, he said that when you want to buy a house, you have to pay a deposit, which in Korea is called a contractual deposit, the amount of which is about 1/10 of the purchase price of the house. But if you don't write a contract, as long as this money has been remitted, it implies that you've made this contract. So if you buy a house in Korea, once you back out, this contract money is not returned to you, it is given to the other party as compensation for your breach of contract. On the other hand, if the person who wants to sell the house, after receiving the deposit, he reverses and doesn't want to sell the house, then he needs to give the person who wants to buy the house twice the default amount. Therefore, in Korea, once you pay the deposit, the deposit will not be returned. Korean real estate companies must tell buyers and sellers to be careful when brokering a sale.
In North America, as in Korea, if you pay a deposit and don't want to buy a house, the deposit will not be returned. In Canada, however, there is a special rule that gives home buyers a few days for reconsideration. Mr. Wei, who lives in Canada, explained this. There is a special clause for buying a home in Canada called the "contractual cool-off period", which means that once the seller signs the purchase contract, a contractual cool-off period will be automatically created once the contract comes into effect, without any additional specification. During the cool-off period, sellers are not allowed to accept other buyers' requests to buy a home, and buyers can use this time to get timely advice from family members or legal opinions, arrange various inspections of the selected home, and then contact the bank for a loan, etc. Once the buyer discovers that there is a serious problem with the house, or is unable to process the loan, he or she can cancel the contract during the cool-off period without losing much. The normal contractual cool-off period is within ten days of the signing of the contract.
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