What will happen if we decide to break an Offer to buy land contract. I live in WA. The contract is subject to finance approval which has been approved. Does this mean we have to go through with the purchase?? What are our options? Thankyou for your help
Hi Agordon,
If ‘subject to finance’ was the only condition you placed on the offer and acceptance and this condition has been satisfied then I belive you are expected to now buy the place.
However I also suggest a discussion with a property savvy solicitor – not conveyancer, if you are now wanting out. They will be able to explain any options you have available to you – at best there will be penalties involved at worst you’ll have to buy the land.
You have’t indicated why you want out – I assume it is a change of mind issue – nonetheless you may be able to build/erect/transport (depending on local by-laws) a house on it and make it into investment property.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
It is also possible the vendor will just let you out of the contract.
Terryw
Discover Home Loans
North Sydney
[email protected]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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
