Can I get out of my contract to buy a property?

Understanding the contract of sale while buying a property


Property Sale Contract


The simple answer is generally no.

The contract for the sale of land is a legally binding contract between the buyer and the seller that has been enforced in many court hearings.

Generally the only way that a contract will come to an end prior to settlement is if the parties to the contract agree to a termination or if any contract conditions have not been satisfied.

If the buyer and the seller agree to a termination then the buyer may still be liable to pay the conveyancing duty on the value of the contract to the state government. The buyer should therefore seek qualified advice prior to requesting a termination.

As to the conditions of a contract, the buyer should carefully read and understand any special conditions. Often those special conditions have to be completed by an agreed time and date. Buyers should always seek qualified legal advice prior to trying to terminate a contract because of unsatisfied special conditions.

To avoid time consuming and costly disputes, it is very important that if you are thinking of making an offer on a property then you are absolutely certain that this is the property that you want to buy. Once a contract has been signed by the buyer and seller, it will be difficult to terminate.

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