Can Vendor pull out?

Discussion in 'The Buying & Selling Process' started by ATANG, 24th Jul, 2017.

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  1. ATANG

    ATANG Well-Known Member

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    Just out of curiousity, can vendor pull out from signed contract by paying a little bit of penalties?
     
    ATANG, 24th Jul, 2017
    #1
  2. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    In QLD no.
     
    RPI, 24th Jul, 2017
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  3. Paul@PAS

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

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    Pull out ?

    There are legal reasons why a contract can be terminated prior to being settled however. ie Death
     
    Paul@PAS, 24th Jul, 2017
    #3
  4. DaveM

    DaveM Well-Known Member

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    Generally, no. They can just refuse to settle though... and since contracts are always slanted in the favour of the vendor, forcing them to settle becomes very expensive very fast.
     
    DaveM, 24th Jul, 2017
    #4
  5. D.T.

    D.T. Specialist Property Manager Business Member

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    Has the contract been breached in some way?
     
    D.T., 24th Jul, 2017
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Generally contracts continue after death and are binding on the estate. However there are generally provisions in contract for the sale of land to allow for one party to terminate if the other party dies. In NSW ususally done via special conditions.
     
    Terry_w, 24th Jul, 2017
    #6