should i cancell a contract within the cooling off period - do i have to justify to the agent / seller why i am backing off. Do i have to personally ask the agent to received it? should i inform my solicitor? what else are expected of me - and can i get the deposit back? i put it $2000 for an offer price of $350K+
CB
Is the contract in Queensland?
Why do you wish to pull out of the contract?
Was it bought at auction?
Is the contract subject to a building & pest inspection?
Is the contract subject to finance?
What date was the contract signed?
Qld Dept Fair Trading
Queensland Dept of Fair Trading said:
Five-day cooling-off period (except for auction sales)
You are entitled to a cooling-off period of five business days when you sign a residential property sales contract (unless if buying at auction).
Often real estate agents or property developers arrange immediate finance for buyers who they invite to attend their property information sessions. Contracts you, the buyer, sign are therefore not subject to finance and you must go ahead with the purchase. The cooling-off period is designed to give you time to consult your own expert financial and legal advice and reflect on the wisdom of your purchase.
If you don't want to take advantage of the cooling-off period or you want to shorten it, you need to see a solicitor who will explain the consequences of giving up your rights and provide you with a solicitor's certificate.
If you don't want to go ahead with the contract during the cooling-off period, you need to write a letter telling the developer or agents that you want to end the contract and give it to them before the cooling-off period ends. You will be refunded your deposit less an amount equal to 0.25% of the purchase price of the property.
You should note that there is no cooling-off period for auction sales.
If the finance clause is in the contract, you
may be able to pull out of it due to this & get you deposit back... You will have to say you were unable to get the finance though.
If the property fails a building & pest inspection, you
may be able to pull out due to this & get your full deposit back.
If you satisfy the conditions above, you can use the cooling off period. It will cost you $875 (0.25% of the contact), so you can get some of your deposit back.
You don't have to justify anything with the cooling off period... Definitely contact your solicitor