Contract of Sale

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Is it possible to get out of a contract of sale and is there a cooling off period. Silly me signed on with an investment agency before coming to this site, and now i heard all the negativity to this sort of deal i would like to get out of it…any advise would be appreciated

cheers..

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If there’s nothing obvious like ‘subject to finance’ which they can never prove/disprove and is an automatic out for you, then I back xyzzy’s suggestion and get a copy of the contract to a lawyer asap.

If you’ve gone unconditional on the contract and cannot get out, but then don’t proceed with the purchase, you stand to lose all of the deposit you have put down. You will need to weigh up whether crashing out and losing those funds is still the best long term option – and the answer on a large neg-geared investment may well be yes.

Good luck!

[]
Mel
melanie@homeloanconnexion.com.au

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…or if it’s anything but a brand-new place you can say you are not satisfied with the building report.

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This will o0nly work if the contract allows it. ie subject to building inspection.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.