Conditional offers in Victoria

Hi Everyone,

In Victoria, if you pay your 10% deposit and both parties sign the Contract of Sale subject to e.g. finance approval, building/pest inspection, etc. can the vendor then go and sign unconditionally with another buyer (as they can in some other states)? What are the costs associated with backing out of a Contract due finance or building issues?

Any responses are appreciated.
 
No they can't go and sign with another buyer once they have countersigned your offer, until your offer bombs.

Cheers,

The Y-man
 
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