Ok to withdraw offer after signing contract? (Yes I'm a noobie!)

[Lindsey Naegle]

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.

 

[Aaron_C]

Yes as long as you communicate your withdrawal of offer to the agent in writing! Make a record of it.

 

[Lindsey Naegle]

Thanks Aaron_C! Wow talk about a prompt reply!!

Would an email to the agent suffice or does it have to be more "formal" than that? No specific pro forma required I presume?

So I won't lose the 0.25% purchase price thingy would I?

Thanks again much appreciated!!!!

 

[Aaron_C]

Yes if the vendor has rejected your offer then there is no contract so the cooling off period doesn't apply. An email should be sufficient, but I would give them a call as well to make sure they receive your message.

 

[Lindsey Naegle]

FANTASTIC thank you so much!! I owe you a coffee!!!

 

[marg4000]

Make sure your email is acknowledged.

I recently received an email that had been sent more than 3 months previously, it had been bouncing around in cyberspace for that time.

Just because you send an email you can't assume it is received promptly.
Marg

 

[Andrew_A]

Email, sms or just call, ask for confirmation of receipt either way.

 

[Lindsey Naegle]

Thank you guys!!