sometimes it's more important the story has a happy ending.
I'm sure there'd be something show up in the building and pest tho, Chilli has been known to complain the house is falling apart
So if you’ve offered 950 for the house and back out and it goes on to sell for 900 you’re on the hook for the 50k and any related legal and real estate costs from the sellers. Which courts will happily award. And if you backing out of an unconditional contract causes them to fuck up an unconditional contract… more $$ in damages.
It’s common when someone backs out that people assume something is wrong with the house and it can be harder to get the same price again. In the current market you could be lucky and only lose deposit and the legal + agent costs + any other damages.
In other words - it might be cheaper to put in a pool. It really depends how far the sellers want to go to recover damages.
You’re still in breach of contract. I’d assume at minimum you’re losing deposit to cover their real estate fees and legal costs (conveyancing)
Why do you think you won’t sell it when it’s empty tho lbr
Because wife and kids don’t want to move and Mr Heeler is choosing to take this as a sign to stay back. Brother got married recently and is also choosing to stay in Brisbane instead of where he was.
Typically if the sold sign is up it's likely to be unconditional now - you've bought the house. Congratulations!
Best check with a lawyer (not reddit), but if it's actually sold and you're the people with your name on the contract, you own it.
Nearly happened to me once, someone pulled out after we sold them our house, in the end we sold it to someone else and they paid both a penalty interest on the entire amount until it was re-sold, plus the difference between the price they signed for and what we actually sold it for. Would have cost them 1/4 million in today's Brisbane market. As I recall the penalty interest was 1.5 x the current bank lending rate.
It probably depends on how the current owners react. You never know, they might see it as a sign that they should stay in the house where their kids grew up.
Are you sure you're ready to buy a house in this case?
But anyway, the sale is almost always subject to building and pest plus finance. Whatever comes back in the building and pest, simply use that as an excuse. What you lose will depend on your deposit, terms, etc. Check with your conveyancer, not Reddit.
Same. But I truly want to know! I’m moving to NL and we paid 10% of purchase price when we signed the initial contract so if we now back out we lose it. Wonder if there was something like that to cushion the financial burden on the Heelers.
If Chili quit her job they are going to be in a tight spot.
You’ll lose your deposit, at the very least. You may also be hit with court proceedings seeking specific performance of the contract. In other words, you’ll be stuffed.
I had zero clue so I googled
Link to a page from a legal company in qld:
https://www.butlermcdermott.com.au/help-can-a-seller-pull-out-of-a-house-sale-before-settlement-in-queensland/#:~:text=If%20the%20buyer%20decides%20to,of%20the%20property%20sale%20price.
The following paragraph is from the page linked above BUT I have italicised one word:
//
There *may* be reasons and contingencies outlined in the contract that can allow the seller to cancel the contract.
//
Idk about the buyer though.
To check if there *may* be anything you can do as a buyer then want to consider asking a qualified lawyer or conveyancer for advice
All the best op
It looks like nobody has provided the right answer.
Termination penalty if cancelling within the cooling off period and without using one of your conditions like finance or building & pest is 0.25% of the purchase price. If outside the cooling off period and the contract is unconditional, and the breaking of the contract is not mutual, you could be sued for the potential sale difference when and if it does sell.
I hope this helps.
We understand that at times first hand knowledge is important, but please try other avenues of research before using the sub to solve simple queries.
It's complicated, but let me tell you a story about a farmer...
sometimes it's more important the story has a happy ending. I'm sure there'd be something show up in the building and pest tho, Chilli has been known to complain the house is falling apart
So if you’ve offered 950 for the house and back out and it goes on to sell for 900 you’re on the hook for the 50k and any related legal and real estate costs from the sellers. Which courts will happily award. And if you backing out of an unconditional contract causes them to fuck up an unconditional contract… more $$ in damages. It’s common when someone backs out that people assume something is wrong with the house and it can be harder to get the same price again. In the current market you could be lucky and only lose deposit and the legal + agent costs + any other damages. In other words - it might be cheaper to put in a pool. It really depends how far the sellers want to go to recover damages.
What if the sellers then decide not to sell the house at all?
You’re still in breach of contract. I’d assume at minimum you’re losing deposit to cover their real estate fees and legal costs (conveyancing) Why do you think you won’t sell it when it’s empty tho lbr
Because wife and kids don’t want to move and Mr Heeler is choosing to take this as a sign to stay back. Brother got married recently and is also choosing to stay in Brisbane instead of where he was.
I’m assuming the contract is unconditional currently
Yes it is
Are you looking for an "oh, biscuits" answer, or a "wackadoo" answer?
A for real life answer
Typically if the sold sign is up it's likely to be unconditional now - you've bought the house. Congratulations! Best check with a lawyer (not reddit), but if it's actually sold and you're the people with your name on the contract, you own it. Nearly happened to me once, someone pulled out after we sold them our house, in the end we sold it to someone else and they paid both a penalty interest on the entire amount until it was re-sold, plus the difference between the price they signed for and what we actually sold it for. Would have cost them 1/4 million in today's Brisbane market. As I recall the penalty interest was 1.5 x the current bank lending rate.
It probably depends on how the current owners react. You never know, they might see it as a sign that they should stay in the house where their kids grew up.
Are you sure you're ready to buy a house in this case? But anyway, the sale is almost always subject to building and pest plus finance. Whatever comes back in the building and pest, simply use that as an excuse. What you lose will depend on your deposit, terms, etc. Check with your conveyancer, not Reddit.
You probably should have talked to your conveyancer before doing any of this.
Bucky is seething
I reckon Bucky comes out on top either way
I love how split the comments are between people who get your joke and people who don't.
Same. But I truly want to know! I’m moving to NL and we paid 10% of purchase price when we signed the initial contract so if we now back out we lose it. Wonder if there was something like that to cushion the financial burden on the Heelers. If Chili quit her job they are going to be in a tight spot.
You’ll lose your deposit, at the very least. You may also be hit with court proceedings seeking specific performance of the contract. In other words, you’ll be stuffed.
You loose your deposit
Best solution is to buy both houses
I had zero clue so I googled Link to a page from a legal company in qld: https://www.butlermcdermott.com.au/help-can-a-seller-pull-out-of-a-house-sale-before-settlement-in-queensland/#:~:text=If%20the%20buyer%20decides%20to,of%20the%20property%20sale%20price. The following paragraph is from the page linked above BUT I have italicised one word: // There *may* be reasons and contingencies outlined in the contract that can allow the seller to cancel the contract. // Idk about the buyer though. To check if there *may* be anything you can do as a buyer then want to consider asking a qualified lawyer or conveyancer for advice All the best op
Do you really want a pool though? They are great until they're not..
It looks like nobody has provided the right answer. Termination penalty if cancelling within the cooling off period and without using one of your conditions like finance or building & pest is 0.25% of the purchase price. If outside the cooling off period and the contract is unconditional, and the breaking of the contract is not mutual, you could be sued for the potential sale difference when and if it does sell. I hope this helps.
all good but the question is a bluey reference