Have you changed your mind to buy?
If so, you may be able to terminate your contract under the statutory cooling off period.
The Cooling off period
As a Buyer, you have the right to terminate your House & Land Contract under the cooling off period within 5 business days of receiving the signed contract. However, you should be aware that if you terminate under this right, the Seller may charge you a termination penalty.
The termination penalty is an amount equal to 0.25% of the purchase price and is deducted from the deposit. If the Seller wishes to charge you the termination penalty, they would notify the deposit holder (in most cases the Real Estate Agent) to deduct the termination penalty from the deposit you paid and to release the balance amount to you. In addition, this notice must be given by the Seller within 14 days after the Contract is terminated.
Buying at auction
If you buy a property at Auction, the cooling off period does not apply.
Waiving the right
Finally, you can shorten or waive your right to a cooling off period. You can do this by providing written notice to the Seller. You do not need to obtain Legal advice to shorten or waive this right.
If you have any questions regarding your rights to terminate under the cooling off period, we recommend seeking legal advice.