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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44178
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I have signed a contract off the plan property in Sydney and

Customer Question

Hi,I have signed a contract for an off the plan property in Sydney and paid 5% deposit (32000). At this moment I would need to come out of the contract and I don't want to loose my hard earned money.Can you please help me out how I can come out of this off the plan contract.Thanks,
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You are restricted to what the contract says.

I assume you have not just signed but signed a while ago.

If you have just signed and there is a cooling off period (5 business days) you can terminate but will lose 0.25% of the total price you agreed to pay.

If not then you have to speak with the Vendor and see if they are prepared to allow termination without penalty. Usually they will not agree.

Alternatively there is a clause that allows you to terminate if they do not meet the deadlines.

Or you can try and sell it to a third party.

These are your only options.

I hope this makes sense and is of assistance. If there is nothing further

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If I have missed anything, or you have any further questions please let me know

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