Contract of Sale

Viewing 8 posts - 1 through 8 (of 8 total)

swaney
Member
@swaney
Join Date: 2003
Post Count: 10
December 3, 2003 - 4:41 pm
Is it possible to get out of a contract of sale and is there a cooling off period. Silly me signed on with an investment agency before coming to this site, and now i heard all the negativity to this sort of deal i would like to get out of it…any advise would be appreciated
cheers..
xyzzy
Participant
@xyzzy
Join Date: 2003
Post Count: 178
December 3, 2003 - 7:40 pm
Read the contract you have signed. Is there any mention of a cooling off period.
Get yourself to a lawyer fast!
rod007
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@rod007
Join Date: 2003
Post Count: 2
December 4, 2003 - 2:46 am
quote:
Is it possible to get out of a contract of sale and is there a cooling off period. Silly me signed on with an investment agency before coming to this site, and now i heard all the negativity to this sort of deal i would like to get out of it…any advise would be appreciated
cheers..
rod007
Member
@rod007
Join Date: 2003
Post Count: 2
December 4, 2003 - 2:49 am
quote:
Is it possible to get out of a contract of sale and is there a cooling off period. Silly me signed on with an investment agency before coming to this site, and now i heard all the negativity to this sort of deal i would like to get out of it…any advise would be appreciated
cheers..
Usually you have to pay 0.025 of the purchase price to get out of during 5 day cooling off period. Other wise wait till contract period starts and at least 2 of your conditions should of been Pest report and finance acceptable by you this would be your way out pest or finance.
Melanie
Member
@melanie
Join Date: 2003
Post Count: 382
December 4, 2003 - 2:56 am
If there’s nothing obvious like ‘subject to finance’ which they can never prove/disprove and is an automatic out for you, then I back xyzzy’s suggestion and get a copy of the contract to a lawyer asap.
If you’ve gone unconditional on the contract and cannot get out, but then don’t proceed with the purchase, you stand to lose all of the deposit you have put down. You will need to weigh up whether crashing out and losing those funds is still the best long term option – and the answer on a large neg-geared investment may well be yes.
Good luck!
[]
Mel
[email protected]
ian_from_brisbane
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@ian_from_brisbane
Join Date: 2003
Post Count: 97
December 4, 2003 - 2:57 am
…or if it’s anything but a brand-new place you can say you are not satisfied with the building report.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
December 4, 2003 - 3:32 am
quote:
…or if it’s anything but a brand-new place you can say you are not satisfied with the building report.
This will o0nly work if the contract allows it. ie subject to building inspection.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
December 4, 2003 - 5:51 am
You can always ask the vendor to let you out of the contract. Some will, most won’t – esp developers. But you never know until you ask.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au