When is cancelling an agreement applicable?
Category Property News
When is cancelling your offer to purchase applicable?
While signing an offer to purchase is nothing more than exciting, there are times when the contract can be cancelled.
A sales agreement is legally binding and you will be liable for penalties upon cancelling, however, there are situations where you will be able to cancel at no cost.
A common reason for the cancellation of a contract is due to the suspensive conditions not being met. These conditions suspend the obligations of the contract for all parties until they have been fulfilled.
Examples include the bond not being approved, unsuccessful home inspection or property subject to sale not being concluded in the specified amount of time.
Cancelling a contract after the suspensive conditions have been met is a complex and expensive process. Avoid these costs by ensuring that you are 100% certain of the purchase and that all your finances are in order.
Enlist the services of a certified agent to ensure that you avoid buyer's remorse.
Author: Prime Property Marketing
