hollypolly

Hi Everyone, first time on this forum.
We have made an offer on a property in Perth, but within the time the offer has been made and accepted and contracts signed, we have had bad news from home, (illness of a family member). We want if possible to cancel the offer and go back to England for good. We haven't paid the deposit yet its due today infact !!! Do we have a leg to stand on or are we stuck in this contract ?????

biggy

did u have a subject to finance clause in the contract?

brisnick

don't know for sure, but i would imagine that you'd be in for a hefty penalty (thousands of dollars) if you pulled out now

hollypolly

no, biggy because we are cash buyers just subject to the usual working conditions and FIBR

biggy

bugger.....u could have got out of it that way. Even if a cash buyer you always put a clause like that in...just gives u a wee bit of breathing space. You will just need to read through the small print....or give a real estate agent a ring and pick their brains

biggy

I take it, it has been longer than 5 days this is the cooling off period which ends on the 5th BUSINESS day after contract has been signed

ABCDiamond

Different States have different rules. In QLD you would have to pay, however, not sure about WA.

Ring your solicitor, NOW

hollypolly

The sellers signed the contract to agree our offer on the 5th, and we signed on the 3rd December does that mean that today is the last day for the cooling off period ???

biggy

It possibly could be, but as ABC said all states are different....It should say in your contract about the cooling off period. If it says 5 days then I would get in touch with the real estate office....keep
us posted and good luck.

I am in Qld so it could poss be different in WA but my contract says If the buyer is bound by the contract on a day other than a business day, the cooling off period commences on the first business day after the buyer is bound by the contract

Siren & Brian

There is no cooling off period in WA. Once your offer is accept it is under offer until any conditoned are met then it is sold and the only legal way out of it is by Huge money costs paid to the vendor as damages.

ABCDiamond

I have read, on a few sites, that in WA there is no cooling off period. Here in QLD we get 5 days.

Your solicitor would give the best advise.

biggy

bugger...glad am no in WA lol

Didnaeseeu

I am not 100% sure where you stand either although I would think if the contracts have been signed you are then tied into a legally binding situation. The owners of the house will likely request all costs in relation to the re-advertising of the property and any other costs incurred by themselves, this could be until the property re-sells!!

Although if you contact the person you are purchasing through and explain the situation asap then you never know, hopefully everything will work out well for you and all the very best.

Michelle

hollypolly

As Siren and Brian said I've checked the contract and there is no cooling off period on it, so looks like were stuffed !!! Never mind thanks for all the advice biggy and everyone else.

biggy

still worth havin a chat tp the real estate people...you never know the sellers may take pity on ya..........worth a try