Help: what are the rules over dropping out of house sale !!
Dec 12th 2005, 2:28 am
#16
Joined: Dec 2003
Location: Hillarys, Perth
Posts: 3,973
Re: Help: what are the rules over dropping out of house sale !!
Originally Posted by 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. 
I cant remember what the % is that would be paid to the vendors, but you could just onsell the property and hope like hell you get more than what you paid for it.
Dec 12th 2005, 2:32 am
#17
Joined: Dec 2003
Location: Hillarys, Perth
Posts: 3,973
Re: Help: what are the rules over dropping out of house sale !!
Just looked up something....
If a deposit is required but it is not received by the nominated date, then the seller can terminate the contract and proceed with any other offers.
Doesnt mean they will.
If a deposit is required but it is not received by the nominated date, then the seller can terminate the contract and proceed with any other offers.
Doesnt mean they will.
Dec 12th 2005, 2:37 am
#18
Guest
Posts: n/a
Re: Help: what are the rules over dropping out of house sale !!
Often you will lose your deposit, but this buyer hasn't paid one.
Some sellers will not accept an offer without a deposit, as they may get nothing if the sale falls through !!
Have you rung your solicitor yet ? You may get out of it.
Here in QLD we 0.25% of purchase price, if we pull out even within the 5 days, for no real reason (ie: $750 on a $300k house)
How much deposit should be paid ?
An amount up to 10% of the purchase price is usual. If you don’t have 10% available, pay as much as you can. There is no fixed amount. If the sale falls through and it’s not your fault, the deposit will be returned to you.
http://www.anrepswa.com.au/BuyersGui...Guide_page.htm
An amount up to 10% of the purchase price is usual. If you don’t have 10% available, pay as much as you can. There is no fixed amount. If the sale falls through and it’s not your fault, the deposit will be returned to you.
http://www.anrepswa.com.au/BuyersGui...Guide_page.htm
Have you rung your solicitor yet ? You may get out of it.
Here in QLD we 0.25% of purchase price, if we pull out even within the 5 days, for no real reason (ie: $750 on a $300k house)
Dec 12th 2005, 6:25 am
#19
BE Enthusiast
Joined: Apr 2003
Location: Perth WA
Posts: 345
Re: Help: what are the rules over dropping out of house sale !!
Originally Posted by ABCDiamond
Often you will lose your deposit, but this buyer hasn't paid one.
Some sellers will not accept an offer without a deposit, as they may get nothing if the sale falls through !!
Have you rung your solicitor yet ? You may get out of it.
Here in QLD we 0.25% of purchase price, if we pull out even within the 5 days, for no real reason (ie: $750 on a $300k house)
Some sellers will not accept an offer without a deposit, as they may get nothing if the sale falls through !!
Have you rung your solicitor yet ? You may get out of it.
Here in QLD we 0.25% of purchase price, if we pull out even within the 5 days, for no real reason (ie: $750 on a $300k house)
sue
Dec 12th 2005, 8:11 am
#20
Forum Regular
Joined: May 2003
Location: baldock , herts,
Posts: 203
Re: Help: what are the rules over dropping out of house sale !!
Apparently, When You Make An Offer You Should Always Put "subject To Building & Pest And Finance" On The Contract,
This Is Your Get-out Clause As You Can Say You Couldn't Raise The Funds (mortgage Etc) Or The House Has Termites ,whatever Happens You Should Only Pull Out after The Cooling Off Period Otherwise You Will Have To Pay 0.5% Compensation To The Seller, Strange I Know, But This Was The Advice Given To Us.
Dave
This Is Your Get-out Clause As You Can Say You Couldn't Raise The Funds (mortgage Etc) Or The House Has Termites ,whatever Happens You Should Only Pull Out after The Cooling Off Period Otherwise You Will Have To Pay 0.5% Compensation To The Seller, Strange I Know, But This Was The Advice Given To Us.
Dave
Dec 12th 2005, 9:11 pm
#21
Joined: Oct 2005
Posts: 9,066
Re: Help: what are the rules over dropping out of house sale !!
If totally stuck buy and rent out and go back to UK, then you have option of return later.
