When committing to buy property you should always check things over with the following: Your conveyancer, your bank, and your wife!
When Kanye West committed to buy a lavish $20Million AUD property he may have thought he’d be in the good books however according to reports Kim K was less than impressed given the luxury price tag and public visibility.
West has reportedly pulled out of the purchase and lost a deposit rumored to be AUD $800,000, which begs the question: What happens if a Purchaser changes their mind?
Melbourne Conveyancing Factors
As is customary most Contracts of Sale will call for a cooling off period (unless of course this is deleted or the property is/was at Auction) which is 3 days unless otherwise stated. Purchasers in this case would be entitled to walk away without risk of litigation and forfeit a an amount which may be around 0.02%.
This is by no way a guarantee however
Contracts of Sale are no laughing matter. This clause isn’t always available and when it is has strict time frames. This is one of the reasons we always urge parties in Melbourne Conveyancing matters to seek advice before entering into a contract, from your conveyancer/lawyer and your wife.
Where there are no longer any conditions enuring for the purchasers benefit (which many people refer to as unconditional*) should a Purchaser not complete a Contract of Sale properly entered into the Purchaser will forfeit their deposit up to an amount stated in the contract, and the Vendor would be entitled to resell the property and sue the Purchaser for any losses. For example if the market dropped and they did not get the same price, agents commission on the sale, lender costs, etc.
Melbourne Conveyancing laws are constantly changing and cases surrounding contracts are becoming more and more frequent. For this reason we suggest you contact Victorian Property Settlements for all your conveyancing needs for up to date and situation specific advice.
The information provided is for entertainment and educational purposes only and should not be taken as advice. You should always obtain specific advice as to your personal situation.