Situation When Seller Can Back out?
My parents are negotiating the house price at the moment (I am happy with the agent's price though). We've been having a discussion on the contract enforcement. It's outside business hours so I cannot ask my solicitor for advice. My question is, if I am to pay 10% deposit tomorrow (skip the 0.25%), and sign the contract, will the seller be able to back out if they haven't signed and contract has not been exchanged? I am based in NSW by the way.
And how does the exchange of contract work? Say if I am to sign the contract tomorrow Friday evening, can I push the vendor to exchange the contract by Saturday morning?