Hi Members
I have signed a contract by paying $1000 towards NRAS- Property in Queensland, thru a company, 2 weeks back. I am now changing my mind to get out and happy to loose $1000 but on the contract it says i am legally bound to purchase this property after 5 days cooling off period. At the same- contract papers were not not sent to my solicitor till today.
My question although cooling off period is over, contract documents not sent to solicitor why i am legally bound to buy.
Please advise.
Regards
Satish
Get your lawyer to go through it with a fine toothcomb. From memory there were some articles in Australian Property Investment showing that strict compliance is necessary in Queensland
Did you notify the other party you were withdrawing and was this notification in writing and given before the cooling off period expired? If you signed a contract you are bound by it, but may pull out within the cooling off period.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just wondering why you changed your mind on this investment? I am looking at investing at a property in Perth which is part of NRAS. Is there something I should know???
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