A buyer paid an expression of interest deposit on a NSW house, but the vendor then exchanged contracts with a different buyer. What is the first buyer entitled to?
Correct Answer
B) A full refund of the deposit within 14 days
An expression of interest deposit is refundable and does not oblige the vendor to sell. Under the rules of conduct, the vendor's agent must refund it within 14 days once a contract for sale has been entered into by someone else. The buyer has no statutory right to recover other costs she spent preparing to buy.
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