Terminating Purchase

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.

 

The amount stipulated on the contract.

 

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

 

i already signed a contract

 

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 )

 

I would strongly encourage you to seek legal advice.

 

That ^^^^^

 

Check if there is a cooling off period asap.

 

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