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Terminating Purchase

Discussion in 'The Buying & Selling Process' started by AndyC, 12th Sep, 2016.

  1. AndyC

    AndyC Member

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    Guidance please - 1K reservation has been paid and 5% down is due in 2 weeks lets say. typically, what would be the penalty for pulling out on the purchase of an off the plan property?

    Thanks in advance.
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    The amount stipulated on the contract.
     
    Jamie Moore likes this.
  3. Agent30yrs.

    Agent30yrs. Well-Known Member

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    Have you signed a contract yet, or just a reservation/EOI form ? typically an EOI is not at all binding and if you haven't signed a contract I would think it is fully refundable .

    comment applies to Qld
     
  4. AndyC

    AndyC Member

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    i already signed a contract
     
  5. Big Daddy

    Big Daddy Well-Known Member

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    I would have thought agents commission, advertising and lawyer fees and difference between what they sell it for and what you paid for it (if they have to sell cheaper to move it quicker )
     
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  6. Agent30yrs.

    Agent30yrs. Well-Known Member

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    I would strongly encourage you to seek legal advice.
     
  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    That ^^^^^
     
  8. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Check if there is a cooling off period asap.
     
  9. Stewart

    Stewart Member

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    If you simply want to exit the contract because you've changed you're mind, normally you'd forfeit the entire deposit at a minimum. You should check the contract along with any special conditions.

    If you don't have a lawyer, then there is a statutory cooling-off period that might apply. It might not be a bad idea to get some advice...quickly
     
    AndyC likes this.