A buyer pays an expression of interest deposit on a Wollongong unit, but a different buyer then exchanges contracts. When must the agent refund the first buyer's deposit?
Correct Answer
C) Within 14 days after the other buyer's contract is entered into
Schedule 2, clause 6 of the Property and Stock Agents Regulation 2022 requires the vendor's agent to refund an expression of interest deposit within 14 days if another person enters into a contract for the property. Before accepting it, the agent must tell the payer in writing that the deposit is refundable if no contract is entered into.
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