Dear all,
Thank you for the fantastic forum and sound advice... This is my first posting and I'm quite new to the whole property buying process as well.
Ok here's my hopefully-not-so-stupid question...
As a purchaser, can I withdraw a written offer after signing the contract of sale? The vendor has REJECTED my offer and I would like to end the contract before my offer officially lapses within 5 clear business days so I could move on to another property. Is this allowed, and does this count as a "cooling-off" period?
My understanding is that the 3-day cooling off period only applies when the vendor accepts your offer? In my situation I am already to move on so can I just notify the agent to retract the rejected offer and not incur any penalties?
Thank you very much and hopefully it all made sense... sorry if it's a really basic question (like I said I'm really new to the whole thing! Yikes!).
Cheers! L.
Thank you for the fantastic forum and sound advice... This is my first posting and I'm quite new to the whole property buying process as well.
Ok here's my hopefully-not-so-stupid question...
As a purchaser, can I withdraw a written offer after signing the contract of sale? The vendor has REJECTED my offer and I would like to end the contract before my offer officially lapses within 5 clear business days so I could move on to another property. Is this allowed, and does this count as a "cooling-off" period?
My understanding is that the 3-day cooling off period only applies when the vendor accepts your offer? In my situation I am already to move on so can I just notify the agent to retract the rejected offer and not incur any penalties?
Thank you very much and hopefully it all made sense... sorry if it's a really basic question (like I said I'm really new to the whole thing! Yikes!).
Cheers! L.