Bailing during the cooling off period

Discussion in 'The Buying & Selling Process' started by Matthew D, 10th Oct, 2018.

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The Constitution defines some functions as Commonwealth and other functions as state powers. States grant powers (or remove them) to local Govt. So its going to be hard to bin the state tier of Government. Until the Constitution is amended to remove states or add local govt its not going to happen.

    To amend : A referendum is only passed if it is approved by a majority of voters in a majority of states, and by a majority of voters across the nation. This is known as a double majority. Territory voters are only counted in the national majority. Since 1901, 19 referendums have proposed 44 changes to the Constitution; only eight changes have been agreed.
     
  2. Blueskies

    Blueskies Well-Known Member

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    I didn’t say it would be easy, just that it would be good! So much unnecessary duplication of departments/policy etc from state to state, yet still enough variation to add masses of regulatory complexity. Plus all the rubbish the federal government go through to keep the states happy.

    While we’re at it need to amalgamate more councils too...
     
  3. Matthew D

    Matthew D Well-Known Member

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    Just an update.....

    Thank you to all for your input!

    Spoke to the conveyancer today, and we terminated the contract and will be getting the full deposit back. (the agent called me to confirm this and asked for my bank details so they could transfer the funds back)
    I did not bother with the finance/B&P clause.

    Luckily for myself, before i signed the contract, i told the conveyancer that there was a overland path through the property and asked him on his advice.
    He added a 'due diligence' condition into the contract. (which worked out very well in my case) Pretty much if i wasn't satisfied with the due diligence investigation, i would be able to terminate.


    I'm not sure if every seller would allow this condition to be added to their contract but it's definitely handy to have.
     
    Terry_w, Ross Forrester and Gockie like this.
  4. Ricki barkham

    Ricki barkham Well-Known Member

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    Good outcome
     
  5. Illusivedreams

    Illusivedreams Well-Known Member

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    Silly condition to accept 100% in favour of the buyer.

    In a tough market I guess sellers will accept conditions like this.
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    You're right. Not all sellers will allow but if they do they are golden as it does allow you time to investigate and not rush into things but have the site secure.
     
    Matthew D likes this.