Can a property contract be canceled?
Before you lock in a property contract, it is *very* important to do your due diligence.
In Western Australia, there is no cooling-off period, so make sure to speak to a conveyancer to confirm the contract is right for you before making an offer.
There are a few ways that a contract can come to an end. These usually include if finance gets declined, if the seller doesn’t remedy structural defects brought up via a building inspection or if both parties mutually agree to terminate the contract.
What happens to the deposit, though?
This all depends on the terms of the contract. If the buyer validly terminates it, the deposit will be returned to them in full. However, depending on the situation the seller may be able to claim some or all of the deposit.
It’s best to ensure that you have done your due diligence and are fully informed and prepared before you enter into a property contract.
Don’t risk losing your deposit!
Speak to one of our experienced and friendly settlement agents today to discuss your property contract before signing on the dotted line!