Cancelling Purchase Agreement
Take your time and browse through the purchase agreement to understand the termination clause. Always ask a prospective real estate agent to point out the cancellation terms clearly. Sometimes the purchase agreement can be binding on both the parties irrespective of inspection.
You can also have an agreement where your deposit money will be returned in case you are not satisfied following an inspection of prospective properties.
Look for another real estate agent if you receive no satisfactory response regarding the type of agreement and your right to cancel.
Alternately, you may get the agreement reviewed by a lawyer in case you do not understand its implications by yourself.
Take note of the ‘cooling off’ period
In general, states across Australia offer a cooling off period to prospective purchasers of properties. The Sale of Land Act (section 31) specifies that a buyer who enters into a contract for purchasing real estate property is entitled to a cooling off period of three business days within which to terminate the contract (subject to certain conditions).
However, take note that the cooling off period starts from the date when you (the purchaser) signs the agreement irrespective of when the seller signs the document.
In case you want to terminate an agreement for breach of contract, you will first have to serve a notice of default to your agent. The notice must enumerate the deficiencies in services for which you want to terminate the contract. The notice should also stipulate the number of business days within which the agent should remedy the deficiencies, failing which you will move for termination. If it still fails, go and search for replacement. Go with the best property agent!
Usually, real estate agent services providers agree to a mutual termination of contract to avoid unnecessary harassment to clients. They also do not want to tarnish their image in the immediate community. In case mutual agreement does not work, contact a professional lawyer to help you out of the situation.
If you have doubts with what you know, it is wise to contact Mortgages Adelaide for a detailed purchasing agreement informations.