hi if you put down a 10% deposit on a house in NSW and before the contracts are exchanged you are unable to go through with the sale do you lose the 10% deposit?

Under NSW real estate law, you are automatically entitled to a five day cooling off period unless either
1) you sign what is called a 66w Certificate which explicitly waves your cooling off rights or
2) you buy under Auction conditions ( this could still be a negotiated sale post auction)
Post exchange, your contract remains “conditional” subject to cooling off rights provided the above two exclusions do not apply. At the end of your cooling off period, unless you specifically advise of your withdrawal from the contract, it will become known as “unconditional’ and then you are at risk for up to 10% of the purchase price.
Should you choose not to proceed, post exchange and within the cooling off period, the maximum penalty should be no more than 0.25% of the purchase price.
Given you have not been previously advised on these matters, it would appear you would benefit from a no obligation discussion from an experienced Broker
Please give me a call
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

Hello gay,you normally do not put a 10% deposit down unless you are ready to exchange contracts.If you don't exchange contracts then you don't lose anything.